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Timing is everything...today's biggest loser is Great Northern Iron Ore Properties

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January 10, 2011 – Comments (1) | RELATED TICKERS: GNI

In purchasing and selling stocks, timing is everything.  One can make money on the crappiest of companies and lose money on the best ones if they don't time their trades well, or hold onto them long enough.  Here's a stock that I took a short position in a while ago here in CAPS that has finally decided to implode.  I shorted Great Northern Iron Ore Properties (GNI) in CAPS back in May of this year I believe at $80.74/share.  Here's the post that I wrote about the trade at the time.

http://caps.fool.com/Pitch/GNI/4909533/ve-seen-this-short-idea-mentio.aspx?source=itxsittb0000001

I subsequently, in CAPS horror but real-life relief because I never made the trade with real money, watched as GNI soared to over $150/share at one point.  Ouch.  Today good old short sleuth Citron published a scathing article about the stock and poof it's down over 20%.  They certainly weild quite a bit of power on stocks like these.  Here's the write-up for anyone who's interested:

A Stock Only a Trading Robot Could Love

http://www.citronresearch.com/index.php/2010/12/28/a-stock-only-a-trading-robot-could-love/

Interestingly, even after today's massive drop GNI is probably still an attractive short.

Deej

1 Comments – Post Your Own

#1) On January 10, 2011 at 4:25 PM, Option1307 (29.90) wrote:

The Citron report came out ~2 weeks ago, but GNI is still garbage!

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