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Friday, September 11, 2009

Selloff for profits

I sold off a couple of positions and a partial position today to lock in some profits.

AEO went for a nice $1.60 gain (36%) after a sharp runup today. COP I dropped as I decided to just break even on it, still it was up 30 cents (3.8%) as I used a limit order rather than a stop so I made a couple of bucks. One of my recommendations I sold half of for a 45 cent profit, (100%) and I will let the balance of the position stay active as the profit pays for the entire position as it was bought for 45 cents. In that case I cannot now lose money even if it bottoms out completely so this lets me "let it ride". My trade sizes have typically not allowed this to be an option as commissions were too high to justify the extra trade.

Everything else is green except for my Morgan Stanley position, it hovers around breakeven now so I will put a stop on it I expect so it doesn't get back down to the -$1.50 mark on me again.

Jeff.

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