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 I checked my "Trading Portfolio" and realized that Quiksilver (ZQK) had passed the 8% loss level, and I went ahead and sold my shares. Currently, as I write, ZQK is trading at $13.04, down $(.20) or (1.51)% on the day.
I sold my 400 shares at $12.98 (so it has already rebounded a tad from there). These shares were purchased 4/25/05 at a cost basis of $14.23/share, so I had a loss of $(1.25) or (8.8)%, so out they went. I am now down to 23 positions, from my maximum of 25 positions. This will eventually entitle me to add two new positions into the portfolio. As you know, my strategy is to listen to what my portfolio is telling me! That is, since I just sold a position at a loss, without even looking at market statistics, my portfolio is telling me to sit tight! That is, I shall use the proceeds to pay down a bit of my margin and wait until one of my positions hits a sale point at a gain to be adding a new stock!
I will continue to be monitoring my portfolio. I do not try to anticipate what the market will be doing. I let my stocks dictate my actions to me. I hope this is a successful strategy!
Regards to all of you readers as you "batten down the hatches" and sit tight as this Category 3 of a correction rips through our portfolios! Thanks so much for stopping by. If you have any questions or comments, please feel free to leave them on the blog or email me at bobsadviceforstocks@lycos.com.
Bob