Hello Friends! Thanks so much for stopping by and visiting my blog, Stock Picks Bob's Advice. As always, please remember that I am an amateur investor, so please remember to consult with your professional investment advisors prior to making any investment decision based on information on this website.
The market continues to dictate my actions. A few moments ago another of my recent purchases, Genesco (GCO) hit an 8% loss and I sold my shares. The exact details were 200 shares of Genesco sold this morning at $31.59. I had purchased these shares 5/26/05 at a cost basis of $34.40/share. Thus, my loss was $(2.81) or (8.17)% since my purchase.
This brings my portfolio down to 13 positions from my maximum planned of 25, and still above my minimum level planned of 6 positions. I, as you know, shall once again be sitting on my hands, as I like to say, with the proceeds. I am still waiting for a sale on good news to give me the permission slip to add a new position to my shrinking :( portfolio.
If you are new to the blog, I use a sale at a targeted appreciation point to allow me to add a new position in my trading portfolio. By not re-investing stocks sold on bad news, I have a primitive system of responding to market activity: moving into cash in bad markets and moving back into equities when things are going well. We all try to do this; the only difference is that my particular approach doesn't require me to make that decision. I allow my own stocks to dictate my response to market action. Time will tell how successful this approach shall be!
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