Wednesday, August 10, 2005
Market weakness
My portfolio started out strong today. When I checked it around noon, I was up $3,000. However, by the end of the day, I was down $2,800, a net change of close to $6,000 in only four hours. Oh well. The market is showing signs of weakness. What's to blame? Some will say Fed tightening, others will say high energy prices. Personally, I think it's because Cramer is off this week and so isn't around to hype the market. Okay, perhaps I jest.
Actually, he did a pre-recorded show tonight (a very good one, I might add) about speculation in which he counseled people to speculate on stocks that are trading in the "sweet spot" of between $2 and $10 per share and to buy stocks that no one has heard of. Can't disagree with that.
As far as my MNTA trade went, I got stopped out at $24.11 for a whopping 10 cent gain per share. Actually, my stop loss order was set at $24.41. This is the last time that I use a market stop loss order. In the future, to the extent that I will use stop loss orders (which I tend to eschew), I will use stop limit orders rather than stop market orders. I would rather run the risk of not having my order filled than getting such lousy execution.
Actually, he did a pre-recorded show tonight (a very good one, I might add) about speculation in which he counseled people to speculate on stocks that are trading in the "sweet spot" of between $2 and $10 per share and to buy stocks that no one has heard of. Can't disagree with that.
As far as my MNTA trade went, I got stopped out at $24.11 for a whopping 10 cent gain per share. Actually, my stop loss order was set at $24.41. This is the last time that I use a market stop loss order. In the future, to the extent that I will use stop loss orders (which I tend to eschew), I will use stop limit orders rather than stop market orders. I would rather run the risk of not having my order filled than getting such lousy execution.
# posted by Stockcoach @ 9:58 PM 
