I Screwed Up Big Time

Last week CIT climbed to $2.20 on speculation that major loans, financing and mergers were underway. Now, a week later, the stock has given up roughly 50% of its value. Devastated. 

Given that I had sunk 60% of my portfolio into CIT stock in August, I felt the full force of the crash. 

That said, 50% of $2.20 is much better than 90% of $6.00. I can now empathize with all of those who lost their shirts last October. 

I don't yet have the courage to check the actual damages, but I know that my portfolio is deeply in the red. At most, I will set a new sell point of $1.61 and get out of CIT all together. Doing so will signal a shift in strategy. 

How long it will take is anyones guess. 

Fail

I should have maintained my original sell order at $1.80. CIT gave back its recent gains and is now at $1.61... my B/E point. This is frustrating. On the other hand, The Street is predicting that CIT's stock will make some gains as the end of the month approaches... we'll see about that. On the other other hand, its not like I'm itching to get into any other stocks today. So I might as well chill and ride the ride until at least the end of the month. I'll be watching C over the next few weeks. They have earnings due on the 15th of Oct... and I'm expecting the stock to fall until then; they aren't expecting a profit over at their camp.

New York

I recently took this photo at a street festival in New York. The photo is actually a cropped portion of a much larger scene.

Get Uplinked: Update 2

Made a ton of progress today on the book. Chapter 2 is coming along great... and its been a fun process!

$1.83

Its 11:25PM and I'm thinking about my sell point. I had thought that $1.80 was a great place to exit CIT, however in the last couple moments of trading people were snapping it up for $1.83! It ended above its traditional price point of $1.4+ for no apparent reason. WTF? So I placed another order for $2.28 - thinking that I better play it pretty aggressive as it is mid week and I'd like to make as much as possible off this highly speculative stock. All I need to do is ride the waves and sell before the crests.

Get Uplinked: Update 1

After a long break from writing, I began to restructure chapter 2 yesterday and it felt great. 

I think I get it now; I've been provided with an opportunity to get my ass to work on this project in the absence of normal distractions like a job and incredible financial stress. 

In a series of unordinary moments of clarity I will return to the work that I feel compelled to do.

Deep breaths. 

AIG VS WFC

Why in the world are AIG shares surging 80% over WFC? EPS for AIG is -$600. EPS for WFC is $.017 or something like that.