2010-02-16 CTAS short 23.96 - 2010-02-16 cover 23.89 (+0.29%)
Year-to-Date performance:
Me: -1.67%
DJIA: -1.53% S&P 500: -1.81% NASDAQ: -2.42%
Best Mutual Fund (iShares Dow Jones US Home Construction): +10.49%
My rank among the mutual funds: 1352 of 2120
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The completed trade of CTAS represents what could have been a much better one. After detecting the potential with CTAS, I was looking for a topping around 24.25. By the time I was convinced, the price dropped to 24.08 where I placed a limit order. Just 6 shares filled! After being convinced of having missed the window, executed a limit order for 23.96, with a conviction that the price would drop to around 23.50. Set a limit order for 23.55. Watched very little price action for about 90 minutes and decided to pull out with a small profit, only to watch the price go through the floor after a fill at 23.89, all the way to 23.55! So, got a 0.29% profit where I could have had a 1.71% profit if I had just waited!
ReplyDeleteThe reason for "lack of patience" in this case is the observation that the average daily turnover was on the low side and lack of price action for a while resulting in conversion of a small profit into a large loss in previous sessions.