ss_blog_claim=bf53c2c2a6b5e4b759eb9b46babec032 Stephen the dog: Financial Friday #2

Saturday, January 17, 2009

Financial Friday #2

Well it is Friday again. This was a tough week in the market. Last week I traded ABK I have been noticing that ABK seems to go up to around 1.70 and then drop to around 1 repeatedly . There was really nothing I was excited about buying this week so I decided to short ABK hoping it would follow the pattern I have been seeing

I shorted 240 shares of ABK at $1.40 This freaked me out a little bit, I knew the market momentum was down but I was not sure if this would pay off or not. I figured I would just watch and see what happens. On Thursday ABK dropped to $1.01 per share and started to bounce back up a little bit I was able to cover my short position at $1.07 and get out with a $73 profit. The move worked out well but I did add a little more gray hair.

With the market getting crushed at the end of this week next week I am looking for a rebound next week. I am looking closely at Bank of America (BAC). I have a feeling the market over reacted to the earnings call on Friday but you never know. Hopefully next week will be profitable. Even though this week worked out well I really don’t love playing shorts.

Fortunately ABK continues to follow a familiar trend and I was able to make a little money this week.

Account Balance: $409

Disclaimer: I am a dog. I am not responsible for any investment decisions you make. Come on if you are reading a dog’s ODD to get ideas for you portfolio you have issues. I do not recommend using any of the information to make any investment decisions. Basically I am not responsible for your money. Do what you want but I have no responsibility here. Come on I am a dog. I don’t think you can even sue a dog. The information provided on this site is not financial advice and I am not a financial professional. This is a journal that details my investments, strategy, and analysis for personal use. Feel free to read at your own risk


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