Financial Friday #12 No one likes AIG
Financial Friday # 12
I know I have been saying for the last couple of week that the market is due to drop. This week we saw the market continue upwards but it seems to be losing momentum and I am looking for it to drop next week. I believe we are actually seeing the start of that trend today of course I am a dog so I could be wrong and even if I am wrong I am still cute.
AIG has been in the news all week and with the uproar over bonus I figured it was a good time to go short on AIG. Really when you make the news about govt involvement and executive bonuses it is never good.
Monday around market open I shorted 2300 shares of AIG at $1.50 Because this was a big move I used a stop to protect myself should bad things happen. I was able to cover my short at $.95 this morning this making $1265. I really don’t love shorting stocks but AIG seemed safe really you get most of America pissed off at you and you stock price is bound to go down.
If the market heads down next week like I am anticipating I think a BAC might be a good play but we will have to wait and see. Sometimes the market does not do what you think it will not matter how much time and effort you put into it.
Current balance: $4750
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