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I have already covered and it has appreciated 41 cents since.
Did I just collect my special Exxon dividend
Well the question was whether or not it was a good idea to short the most profitable company in the world (XOM).
As an example: I could go to vegas and put $100,000 on black-- and WIN! Does that make what I did a good idea?
You can't justify the act by the results-- in your case it seems kind of like gambling. But I'm glad it worked out for you. Just be careful when you are day trading because I know lots of people who get burned doing that type of investing. Also, if I were you I'd rely more on technical analysis, then I would on news stories or what you think the other bears are doing. And if you must rely on news stories-- remember this quote-- "Buy on rumor, sell on news" (too many people do it the other way around-- "Buy on news, sell on rumor")
No more shorting, cyclone. I'll hold this thousand for a while. But I am also getting tempted to sell it at a minor profit and maintain power balance in the account needed to short a couple thousand
But honestly, I don't like sitting and speculating on it all day, like the shorties do. I'll hold this for a while.
AONE just surged nearly 80 cents. This company and those like it can potentially screw the oil majors in the long run. I have a huge position in AONE
Something is wrong with Exxon. For the thousand I bought in the middle of the BP crisis hoping BP's mess would help it increase, it has not appreciated much at all. Looks like the only way to profit is to short and release more in the coming days, but it's too much stress.
Even chevron dipped to the 60s at that time but they have recovered back to 78.
Looks like it won't cross 63 for a while.
My apologies to all you devoted XOM investors. I put massive amount of money and entered exxon and I have not seen any sizeable profit since. Some of the funds I had to take from money my father had collected over the years, which I inherited after he passed away. And it sucked to see the shorts making merry and speaking about it, as I was a continuing bag holder.
So I picked more out of the daddy fund to help me short and at least make some profit since my investment has not returned anything at all, yet. But it was kind of stupid to sit all day and watch it go up and down anxiously. I do not have the stomach to short. That is for sure. I like investing and expecting it to swell. I made about 400 bucks, and frankly I didn't even do my profession normally yesterday.
I have sent oil dog a word to put this thread to rest. Don't wanna encourage shorting.
Last edited by Currency Pair Crocodile; 09-16-2010 at 12:29 PM..
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I have enough buying power now.
