Monday, January 21, 2008

A little luck during the market holiday

Martin Luther King's birthday is a relatively new holiday on the government calendar. Celebrated on the 3rd Monday in January, U.S. stock markets and banks were closed today. For a few days, we were looking very stupid with that add on buy intraday on Friday. Since we were underwater on the 700 share position, we didn't do anything.

Livermore said it does help to have luck on your side. Whether its the traders who were wishing me luck, their prayers were answered as the international markets dropped 4-5% today on no news. This evening, they are down another 4% as we speak which bodes well for our FXP position.

Since we didn't get a chance to sell on Friday, there's a good chance we get to sell 25 shares at the close on Tuesday. As for the remaining 675 shares, we're going to take it hour by hour and see if the buyers step in or whether we can ride it out for a few more days.

Initially, I thought my 2nd sell would be this coming Thursday, but let's see what happens.

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