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| Symbol | Sector | Return | Exposure | Trades | Last Trade | Status |
|---|---|---|---|---|---|---|
| FRE | Mortgage Finance | -6.31% | n/a | 12 | 24-Sep-08 | Prior Holding |
19-Aug-08
FRE
Holding Rationale for FRE.
This time I'm willing to be more patient than just getting out at a 1$ gain. This time I'm also going to sell some puts if and when I see the big volume coming in. I'll buy em back when it hits 12 and I'll think about letting go of the common when and if it hits 12$.
I expect the next few weeks the indices will keep creeping up higher despite the break in the support trend line today on the SPY and the lower dollar. I could be wrong though, tops are tougher to spot with the indicators I use. Here's one of them.
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FRE tanked on me all the way down to 2.95 :-( my position was down 33%
but the volume was so good today that I had to add more at 3.02 since my position was so small. Now I'm 25% in. As i'm typing this its breaking intaday resistance at 3.15 to the upside on fantastic volume! almost touching the 200M! amazing.
It hurts taking a 33% hit even on the tiniest positions, but no pain no gain.
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I also made the bad mistake of selling a SEP 6 put at 3 when the common was 3.2 and I bought it back when it broke 3.15 taking a 20c loss on the option.
I realized that I cannot risk betting on the timing of this stock to reach my 12$ selling target within 30 days. So I bought more common instead.
Tagged Stocks: FRE
Posted at 15:38 in Holding Rationales | Permalink | Comments () | Top
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