ss_blog_claim=bf53c2c2a6b5e4b759eb9b46babec032 Stephen the dog: Financial Friday GM take a bounce

Monday, June 8, 2009

Financial Friday GM take a bounce

I am back I know I missed a couple of week but really I got pretty burned out on this financial stuff and needed a break. Sure it is fun and making money is cool put staring at stock charts 7 hrs a day can make you go batty.

This week we say GM (GMGMQ) file for bankruptcy protection. Wow who would have seen that coming 40 years ago. Kind of a sad day there are a lot of business school case studies that will need to be rewritten or updated. Anyway bankruptcy filing are a great time to make money. The market always overreacts and the stocks bounce. Mind you these are not good long term holds because they will go down probably to zero at some point but they will bounce. My A made a bunch on money of MCI World Comm when they went under.

So on Wed I bought 69,969 shares of GM at $.52 yes it was a big play but take a look at large companies that have gone bankrupt and watch what the stocks do. You can play the bounce if you are careful and that is what I was doing here. Just remember not to get greedy. I got out on Friday at 1.06 when the stock seemed to be slipping.

I was able to clear $37,783 on the trade. Maybe I should take more time off. Hey Chrysler what are you guys gonna do?

Current balance $74,167Disclaimer: 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 your 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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