Another crap day, lost more petty money. This time it was on the Noble Group which my mentor recommended to me. Bought it at 1.21 and was sitting pretty when it hit 1.24.
Today it went down to 1.19, my mentor got his stake out and I followed suite. Shortly after, the company announced it had bought a mill in Brazil (and didn't know when it will turn a profit), the market liked the news tho and took it back up to 1.21. Shit, lost $2,000 there.
The problem is that the market has gone up significantly (100%+ in some cases) for many of these companies in the past 6 months - 1 month!! Ausgroup, FerroChina, Genting, AzTec and so on... there really isn't much volume supporting the bastards and if they fall- they're gonna fall hard. 20 - 50% falls would be no surprise.
Check out that chart for AzTec. Its gone up 100% since Jan 1, 2007.
Its really not the time to be fully invested.