Thanks for the reply. CNB was one of the watchlist ideas
here by Matt or Steve. It looked like a nice pattern to me so
I bought it close to the 50 day ma. They got a cease and
desist from the FDIC so have tanked after hours. I guess
there is no foreseeing this but it is painful to experience.
Wiped out the last few weeks of profits.
There once was a stock called CAFE.
I bought for an overnight stay.
When the market opened up
The SEC got tough and halted the stock for days.
Days became weeks and weeks,
I was ready to freak.
The position was big.
Because I was a pig.
This piggy went home with none.
Posted by junkmaylbox on 9th of Jun 2009 at 06:22 pm
Well, losses happen. Checking an index stock for the group
before an entry is another good practice. XLF had reached its
target of 200MA by early May and was moving sideways. CNB was a
late starter, so it was a potentially risky trade. I would not put
too much money into such a trade, because it's a gamble. Any
misstep and I would have been out of it.
Honestly I don't have luck with financials myself: I lost more
than gained on them.
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Thanks
CNB
Posted by lucy on 9th of Jun 2009 at 06:08 pm
Thanks for the reply. CNB was one of the watchlist ideas here by Matt or Steve. It looked like a nice pattern to me so I bought it close to the 50 day ma. They got a cease and desist from the FDIC so have tanked after hours. I guess there is no foreseeing this but it is painful to experience. Wiped out the last few weeks of profits.
Sorry for your loss
Posted by paige386 on 9th of Jun 2009 at 09:43 pm
A small poem to tell my story....
There once was a stock called CAFE.
I bought for an overnight stay.
When the market opened up
The SEC got tough and halted the stock for days.
Days became weeks and weeks,
I was ready to freak.
The position was big.
Because I was a pig.
This piggy went home with none.
Just to point out it could be alot worse
CNB
Posted by rgoodwin on 9th of Jun 2009 at 07:44 pm
Guess my timing was better........They USED TO BE my Bank!
Well, losses happen. Checking an
Posted by junkmaylbox on 9th of Jun 2009 at 06:22 pm
Well, losses happen. Checking an index stock for the group before an entry is another good practice. XLF had reached its target of 200MA by early May and was moving sideways. CNB was a late starter, so it was a potentially risky trade. I would not put too much money into such a trade, because it's a gamble. Any misstep and I would have been out of it.
Honestly I don't have luck with financials myself: I lost more than gained on them.