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 decisions based on information on this website.
A few moments ago, as I have been commenting about here on the blog, my VCA Antech (WOOF) passed an (8)% loss position, and I sold my 180 shares, that I recently purchased, at $35.88. I had purchased these shares on February 22, 2007, at a cost basis per share of $39.21. With this sale, this represented a loss of $(3.33) or (8.5)% since purchase. I don't care how much I like this stock---a lot---rules are rules. And out the shares went. Especially with my heavy margin, I cannot afford to bend my trading rules and need to raise cash when stocks hit their sale points on the downside.
Fortunately, this is the first sale at a loss in this correction. Another recent purchase Harris (HRS) is also flirting with a sale and if it hits that 8% level, out it will go! As is my strategy, since this is a sale on "bad news", this does not entitle me to buy a replacement stock but requires, since I am above my minimum of 6 positions (now at 16) to 'sit on my hands' and use the money to either add to my cash position (or in my case to pay down some of the margin!).
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