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.
As I mentioned in an earlier blog, my 'trade' in PetSmart (PETM) was intended to be a short-term affair. I had hoped that I could be reporting a large profit from this move which did indeed initially move higher after my purchase of 180 shars on 5/21/09 at a cost of $20.3676. However with the market acting at best erratically this morning and with PETM trading below my cost on this block, I decided to step aside from this additional over-weighted addition and sold my 180 shares at $19.9524/share. This represented a loss of $.4152/share or multiplied by 180 shares came out to a loss of $(74.736). Percentage-wise, this was a loss of (2.03)% so the damage really wasn't significant at all.
I still like PetSmart (PETM) and have my 90 share position which I am quite bullish on. However, as a trader, I have always had mixed results and always subscribe to the belief that one is best minimizing losses.
Will PetSmart (PETM) turn around tomorrow and prove me wrong? I wouldn't be surprised. But I shall participate in that appreciation if that is the future for this stock. Meanwhile, I have a little more cash built up once again in the account for future investments and yes, an occasional 'trade'!
If you have any comments or questions, please feel free to leave them on the blog or email me at email@example.com.
Yours in investing,