InvestingFreak

On Friday March 6th I made a new blog post calling SKF (UltraShort Financials) Overbought.

Now, 10 days later I want to put my opinion down in writing.  SKF went from over $260 to $126 (so far) that is more than 50% off (around $13.40/day for past 10 days).
When I first posted my opinion i was being generous and looking at $182-$186 for the move down to earth.
There was an important fib retracement at $155 and one at $120.

Being a recent fib retracement follower I have a position in the $150-155 range, toady SKF didn’t go as low as $120 or i would have doubled down.
If this is the short term bottom for SKF the  move up seems to hit $213, I am not good with timing the market with dates so i don’t want to give misleading info.

to recap.. SKF trying to refuel? Buy at $155 or $120 with a target at $213

I am including a visual as always (Click to enlarge)

Disclosure: As i stated in my post I have a position at $150′s range and was looking to double it at $120.

-K

This is feeling like a monthly posting but I assure you I’m getting back into it as I have finally started making trades again.

I just made 10% of $1000 in 1 day.  (small position)
Bought GE yesterday morning at $20 sold at open today for $22.25.

After I bought it yesterday I went to class and never followed it. Today I just sold it. So in 5 min. work $100.  The market is still not stable and won’t be for a while so I will make plays like this often.

Earnings for Q3 have started and Bank of America blew it.  If more blow it then the market will be very volatile for a while. I love it.   How have you done recently?

Below is the Profit triangle I drew around my GE purchase.

Good Luck and I hope to resume regular weekly (at least) postings.