I sold out of everything I had with a gain this am in the pre-market. It wasn't much but I am not going down 100% in this slaughter. I will use the proceeds to strategically buy down my other positions. I still love CLNE and will buy when they go lower today.
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For most of the month I've been buying, selling and shorting Research in Motion (RIMM), makers of the famous Blackberry. Because the VIX is so high and the volatility of RIMM is also extremely high, it's been easy, although a little nerve racking, to make profits. Even when I've chosen the wrong direction, all I had to do was wait and eventually the trade turned out to be profitable. The times I shorted the stock, I took profits right away because the general direction has been up. Several times the stock went down considerably just after I bought it, but I was able to buy more at lower levels and then sell when it recovered and I had made a profit. The stock split 3 for 1 this month and has still continued to move up very rapidly. There is a rumor that it might be bought out by Microsoft but I think that is very highly unlikely unless they will then spin off the hardware portion of the company at a later date. Just my feeling. That rumor fueled gains recently.
I think there is plenty more volatility to come, no matter what the FOMC and President Bush decide to do and say. With RIMM being so high, however, I may start looking for another stock with high volatility to start trading.
Any suggestions are welcome.
Rich R
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