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.