Wednesday, February 9, 2011

The Market Gods Hate Me Today...


So my trading legs parted for the wrong stocks and at exactly the wrong time. My penny stocks are not doing well and one of my recent blunders is IDGG. Maybe I'm making a mountain out of a molehill as the positions are really small, but what really got to me was they put out a press release today that totally lacked substance reporting QU progress in their gas and oil fields with no fluffy statistics whatsoever. Did a five year old write that press release? The only way that stock would be going is down with a press release like that. I reckon I'll be in this one for quite some time and am glad that I decided not to get too into penny stocks before building up the right strategy. I maintained my financial dignity by not averaging in with stocks of that calibre.

And now, I'm going to focus on the next big event, which is Retail Sales on 15 February 2011. I expect ZZ to move when that news announcement comes around. Note that February options are due to expire on 19 February 2011 as well, which means that we'll see a tonne of action beginning next week. I'm also going to look for some more news trading opportunities, although my report card for the day is urging me not to:

-2.81% on the SBA
-0.19% on the Roth IRA

I realise I'm not in Europe anymore, so perhaps I should get a Hooked On Phonics course so I can learn how to spell again. But I'm actually going to reflect on the state of the market a bit more and then decide what to do because clearly whatever I'm doing isn't paying off as I expected it to this month. Maybe I should continue to trade my usual strategy rather than trying to outsmart the market?

Maybe...


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