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Friday, April 11, 2008

Itchy Backside

Was sitting tidy on some gains, and pocketed about $380 for some short term punting on ChinaEnergy late last week.

Market was volatile over this week, and just before closing on Tuesday, decided to jump in and punt some more.

10 lots on ChinaEnergy at $0.57, and 2 lots SGX at $8.45

with money i dont have, no thoughts on "just in case", juuuust because ChinaEngergy had lost $0.05 and SGX $0.56 on that day. "Will probably recover within the week, right?" <-- famous last words.


ITCHY BACKSIDE never die before.


Market fell for 2 straight days on Wednesday and Thursday.

ChinaEnergy went to a low of $0.545, and SGX $7.81, translating to a loss of $1530 before brokerage of $180.


DIE DIE DIE


Decided to gamble and BOUGHT 2 more SGX at $7.90 on Wednesday, to lower the break even point. There is just no way for SGX to recover to $8.56 to breakeven on my first purchase. But SGX closed at $7.98 on Thursday, way below my break even point of $8.235 (after brokerage). Still a paper loss of $1020 on SGX alone.

how many haircuts, pairs of shoes, books is that? Dont tell me, i dont really want to know.

gulp.

Was thinking whether to cut loss and brave the pain in case it went free-falling. But decided to gamble to hang on till today (settlement on T+3), and not call in for funds to buy and hold the shares (i mean no way for me to can open mouth to ask for $38,700 to buy and hold lor). I SHALL bravely take in the contra hopefully manageable losses and hopefully the paper gain i'm sitting on will be sufficient to cover.

GULP.


Miracles of miracles, the market rallied sufficiently for SGX to go up to $8.26 in the morning, where i managed to offload at $8.23 with small loss only, and it traded with in the $8.13~$8.18 band throughout the day. Even though SGX did close at $8.28 today, I count myself lucky. Even better, I also managed to clear ChinaEngery at $0.56 with some loss.

Total losses for itchy backside probably just less than the $380 that I've made in real money so far (the rest is still paper gain since I'm still holding them).


Exciting week.

But totally unnecessary.

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Comments:
Aint it fun huh? I was watching in horror when the prices of a certain IPO dropped like flies just 1 day after it started.
 
almost too much excitement... by some miracle, i actually managed to scrap with less losses than i expected. *phew

LH? IPO price looking so close yet so far...
 
Oh yeah ... it is a good one to hold for sure but just how much can stomach for the short term. Urgh.
 
good idea to buy more when the price is attractively low, especially if you plan to hold for the long haul.
 
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