Sold 250 HOD.TO @ $10.04, Loss -0.88%

By Paul | Published: June 17, 2010

I just got psyched out by the Euro rise and oil strength.  So I closed my oil short.  My purchase price was $10.34 two days ago on Tuesday.  Final result in this trade is ($10.04 – $10.34) – $4.95 x 2 commission = -$75 – $9.90 = $84.90 = 0.88% of RRSP trading account.

Normally I would wait for a retracement to exit, but the high volume of U.S. DB Oil Fund (DBO) at the close yesterday plus the lack of weakness at the open today (Figure 1) makes me uneasy.

Note that even though EUR/USD is making new highs today, the U.S. equity market isn’t following suit.  In particular, S&P500 is still below previous resistance level around 1115.  This may be a bear trap.  Or, it could be a short term term.  I couldn’t tell.

So I’m staying on the sideline for now and will just be watching the market play itself out.

As you can see from my trading log, my last three trades were not profitable (2 losses and 1 breakeven).  As such, I am putting myself on a cautionary mode until I can grow my account back to my previous high point.

U.S. DB Oil Fund (DBO) intraday

Share|

Related posts:

  1. Sold 250 HOD.TO @ $10.59, -0.95% Loss
  2. Sold 3 PAA.TO 10DEC Puts 25.00 @ $2.25, Mark $24.62, Loss 0.3%
  3. Bought/Sold 250 TCK.B.TO @ $34.10/$33.68, Loss -1.2%
  4. Sold 4 MFC 10OCT Puts 17.00 @ @1.43, Mark $16.27, Loss -0.5%
  5. Sold 250 HOD.TO @ $11.94, +2.2%
This entry was posted in Stocks and tagged Energy, exit, HOD.TO. Bookmark the permalink. Post a comment or leave a trackback: Trackback URL.

Post a Comment

Your email is never published nor shared.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>