Had a "lucky" escape today.
I bought into FerroChina on Monday at 1.63. And despite the crappy week we've been having so far, its held up.
There's a big buyer out there for FerroChina - and he's been buying big chunks into it.
I was staring at the Ferro chart the last week- and it looked really good. I bought in at $1.63 on Monday, and started bouncing around due to the market turbulence.
Anyhow, I'm just glad that Ferro didn't bottom out at $1.55. My stop loss was at $1.60.
I toyed with the idea of holding onto it for another day, possibly Monday. Or liquidating some of my other shares to make payment. It held up very well overall this week. But....
But I've really pushed my luck quite far with this. And there is no guarantee that the Dow will open strong later or that the Iranians or Americans won't escalate the tension in the Middle East- or some mishap will occur leading to a diplomatic and political disaster.
So I took the money and ran. Ran like a happy schoolboy whose got out of truant class. Its a good profit, and I'm very happy with it. I missed out on previous profits on Ferro when I gloated too much.
Anyhow, this is the chart I drew up for Ferro. Looks good. Question is whether the buyers will continue to push up the price. Or will more profit takers knock it down. Its held up very strong this week and didn't even touch the $1.50ish marks which i thought it might.
I also like MediaRing and Aztec, esp. Aztec.