Thursday, February 25, 2010

Leaving pennies on the table

I got my last paycheck, company pension, and some withheld non-taxable wages wired to my JPMorganWashingtonMutualMegaFuckConglomerate bank account yesterday. The money was about 40% more than I expected. I guess I didn't take it without Vaseline this time by the DAKs (Dumb Ass Koreans). First thing I did was wire $10,000 into my brokerage account. Time to play! I chose 1150 shares of Micron Technology, a semiconductor maker specializing in DRAM and NAND. By close yesterday, I was 6 pennies down a share. The shares had just crossed below their 10-day moving average, but I was going to play contrarian and bought it anyway. I didn't pull the trigger at the end of the session and worried about it all day.
I woke up at 5:30 a.m. and couldn't sleep. I feared that I had made a mistake and looked more into the stock. If I put in a sell order for the open, the counter (stock) could fall dramatically at the open with all the orders queued and I'd get screwed on the bid. I decided to see what happens.
It opens and is mostly up. It hit an intraday high of $8.80 once and bounced down. I thought that if it hit that high again, that I should sell. It hit $8.84 and I sold, the bid settling in at $8.83. I made 16 cents a share multiplied by 1150 shares for a profit of $184. I rolled over and went back to sleep.

By the end of breakfast, those gains had retreated and I was satisfied with my modest gain.
Little did I know that Big Ben Bernanke was on The Hill and his testimony before congress on his outlook for the economy pushed tech stocks up across the board. I was wondering why the stock had shot up a few hours later. I left 23 pennies on the table. If I had sold at the intraday high, I would have made another $448.

It kinda felt like getting a handjob from the maid when you could have gotten a blowjob from her daughter a few hours later.

But money is money. I'll be back into the fray when the money settles.
Enjoy your interactions today with the DAKs.

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