"A man is not finished when he is defeated. He is finished when he quits."

Wednesday, October 27, 2010

October 27th


Here is the buy-to-cover of my CMG practice swing-trade from last week. More drop coming? Yeah, I think so. Am I greedy enough to hold a stock that has some gains sitting there? No.
It appears that I picked a good time to cover, in the short-term. While I write this commentary, price is continuing to rise after my exit. It now sits very close to what was my average share price.
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It's more about being correct in my read of the stock price; reinforcement of the notion that what goes up, must come down (at least to some degree).
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*** UPDATE: It's end of day and it looks like I got the bottom candle of the day on my exit and the full breakdown didn't occur. Perhaps over the next week or two? I'm out and moving on to other stocks, but this one bears watching...