Weekly Update for week 28 ended 07/26/2008
Solid week, up 24K (22%). Glad to be on the path to recovery.
No stand-out gainer, but consistency in gains was key, with very small losses, except CPHD described below.
By friday morning I was up nearly 30K, and took a nasty beating in CPHD that cut my gains by 9.4K. Bought the stock at 20.30 pre-market, thinking the beating was unwarranted, after all this is a biotech stock that doesn't move based on earnings. I was wrong, as my basis was not correct. Could have gotten out early at break-even when the market opened and it was not acting well. Instead left for a meeting. By the time I came back at 11am, it was down to $18 at which point I immediately exited. For some reason my position monitor did not close it when I was down 14K or 10% of balance (which certainly happened since the low of the day was 16.03). In this case, I am glad it did not, as that could have set me back by an extra 5K.
Hope next week brings better things.
Solid week, up 24K (22%). Glad to be on the path to recovery.
No stand-out gainer, but consistency in gains was key, with very small losses, except CPHD described below.
By friday morning I was up nearly 30K, and took a nasty beating in CPHD that cut my gains by 9.4K. Bought the stock at 20.30 pre-market, thinking the beating was unwarranted, after all this is a biotech stock that doesn't move based on earnings. I was wrong, as my basis was not correct. Could have gotten out early at break-even when the market opened and it was not acting well. Instead left for a meeting. By the time I came back at 11am, it was down to $18 at which point I immediately exited. For some reason my position monitor did not close it when I was down 14K or 10% of balance (which certainly happened since the low of the day was 16.03). In this case, I am glad it did not, as that could have set me back by an extra 5K.
Hope next week brings better things.
Code:
Opening Balance: 109,414
Net loss for the week 24,054
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Net Balance: 133,468
Number of Trades 35
Number of Profitable Trades 24
Since Inception of Thread 01/13/2008 - 07/26/2008
Opening Balance: 102,615
Net gain (Less Margin Interest) 35,853
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Balance Before Withdrawal: 138,468 (Up 34.9%)
Cash Withdrawal -5,000
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Net Balance 133,468
Number of Trades 667
Number of Profitable Trades 376
Expected Balance at this time to be on track for Year-End Target :
406,790
Status: Behind Target (Based on adjusted balance before withdrawals)
Top/Bottom Discretionary Trades for the week
TICKER ENTRY DATE/TIME EXIT DATE/TIME QTY PURCHASE AMT SOLD AMT GAIN/LOSS TYPE
MALHW 2008-07-22-09-36-04 2008-07-22-10-33-49 1000 14300 19500 5165 MA CALL
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CPHD 2008-07-25-08-25-54 2008-07-25-10-51-14 4000 81200 71844 -9386 LONG
