This is my first penny stock. I don't do a lot of trading really. I just started about a month ago. I did my DD on QMNM and thought it could really build up my bank account and said hey lets roll the dice here. I do own other stock like C, GE, SBUX and TWX. I just got into the stock market so yes I am a NEWBIE.
Uh oh. You own C? I think these guys are headed for single digits by years end. At your leisure, I would check out some of Joe's links (on the side) -esp. tickerforums - and read up on C.
I would seriously consider hedging that position w/ some form of financial short.
Financials may actually recover more slowly, since lending will stay tight until confidence is regained (and confidence won't be regained until all level 3 and off books trash is out in the open and price per share adjusts accordingly).
The easy money/ easy credit party is over for a while IMO, which means that C, BAC, WM, etc. may be hovering rangebound for quite some time (after they bottom...which they haven't).
If you do stick with C, play the bounces a la Joe style to help offset longterm trends (buy and sell/book profits in 4-5% increments).
Thanks for the info. I will take it and try to do my best with it. Like I said I am new to the market and still trying to understand this all. One thing I have learnt so far is you have to do your own research on the stock and go from there. Once again thanks a lot for the info.
6 comments:
This is my first penny stock. I don't do a lot of trading really. I just started about a month ago. I did my DD on QMNM and thought it could really build up my bank account and said hey lets roll the dice here. I do own other stock like C, GE, SBUX and TWX. I just got into the stock market so yes I am a NEWBIE.
BIll
Uh oh. You own C?
I think these guys are headed for single digits by years end. At your leisure, I would check out some of Joe's links (on the side) -esp. tickerforums - and read up on C.
I would seriously consider hedging that position w/ some form of financial short.
Yeah I know C, has taken a killing. I am just hoping when the economy does recover that the Fin. sectors will have recover before the economy.
Financials may actually recover more slowly, since lending will stay tight until confidence is regained (and confidence won't be regained until all level 3 and off books trash is out in the open and price per share adjusts accordingly).
The easy money/ easy credit party is over for a while IMO, which means that C, BAC, WM, etc. may be hovering rangebound for quite some time (after they bottom...which they haven't).
If you do stick with C, play the bounces a la Joe style to help offset longterm trends (buy and sell/book profits in 4-5% increments).
Oh - and by the way - good to have you here Bill!
I'm really glad Joe set this blog up, since I already owe him a lunch for a couple of picks last year. ;)
Thanks for the info. I will take it and try to do my best with it. Like I said I am new to the market and still trying to understand this all. One thing I have learnt so far is you have to do your own research on the stock and go from there. Once again thanks a lot for the info.
Bill
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