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 advisers prior to making any investment decisions based on information on this website.
A few moments ago, checking my portfolio, I saw that my MedTox stock (MTOX) that I had bought yesterday (!) was down sharply and passed my 8% tolerance limit. I sold my 210 shares at $18.81 that I had purchased at average cost of $20.74, thus, the sale represented a loss of $(1.93) or (9.3)% since purchase. I have said it before, and I will repeat what I have written, I don't care how long I hold a stock. If it hits my sale points on either good or bad news, I shall implement the indicated trade.
The irony of the situation is that MedTox reported good earnings! In general, I have had greater luck buying stocks AFTER reported news and not just before they report. It is common in the market for stocks to sell off after a good announcement and to rise in anticipation. I didn't execute this trade very well at all!
In any case, I am now back to 19 positions. The good news is that I can now buy a new position if I get the right signal. Under my maximum of 20 positions which I recently discussed. Thanks so much for dropping by! If you have any comments or questions, please feel free to leave them on the blog or email me at bobsadviceforstocks@lycos.com.
Bob