On Friday, I checked the portfolio realizing that some of my stocks had likely hit sale points. Indeed, I was starting to feel a bit 'banged-up' by this vicious correction.
First of all my LDK Solar (LDK) shares were acting less than sunny, and in fact were trading below my 8% loss limit. I sold my 280 shares of LDK at $20.43, having just purchased these shares on Thursday at $23.82 - OUCH - for a loss of $3.39 or 14.2% in about 24 hours!
LDK SOLAR IS RATED A HOLD
The disaster that was the stock market didn't stop there. Servotronics (SVT), another purchase from Thursday of 700 shares at $8.45/share; these shares were unloaded Friday morning at $7.05. This was a quick loss of $1.40 or 16.6% in about 24 hours.
SERVOTRONICS IS RATED A HOLD
However, the disaster wasn't complete. Potash Corporation (POT), well, I couldn't help myself and get in there and bloody my own nose on this stock. In fact, I haven't even made the time to write this stock up after purchasing 70 shares on 10/8/08 at a price of $95.84.
Potash dipped quickly and my shares were sold at $84.67 for a loss of $11.17, or 11.7%, since my purchase. The market was crazy enough that the stock flew back later later in the day to close at $91.08, down only $1.77 or 1.91%. It was too late for me as I was no longer a share-holder.
POTASH CORP IS RATED A HOLD
Not all was lost as my recent purchase of Graham (GHM), a stock that I thought I might be also selling on Friday, closed at $19.70, up $4.15 or 26.695 on the day. I had purchased my 420 shares of GHM on Wednesday as well at $16.33 - and I now have a gain (for the moment) of $3.37 or 20.6% since that purchase.
GRAHAM IS RATED A BUY
I am now down to two positions: Graham and Covance (CVD). I do not think I will be that quick to spend that nickel in my pocket and get back to my allotted five positions. Of course, if there is some large move on the upside, you know I will be checking out those top % gainers lists no matter what.
Disclosure: The author owns GHM and CVD.