Wednesday, June 04, 2008

Guess I Should Cash Out

The Guess? (GES) earnings roulette trade I made has paid off handsomely. Got in at 37.98 with less than 15 minutes before the market closed yesterday, and just now I exited at 42.67 for a lovely 12.3% gain. Even for a small position, that's a good chunk of change. Yay!

It looks as though the large short interest was causing a bit of a squeeze in the stock. So, I probably could have put in a trailing stop of some sort for even more gains, as now the shares are up above $43. But, I'm not that greedy. So I took profits while the taking was good.

And, at least for now, the Wet Seal (WTSLA) is moving higher for an added portfolio bonus. Anyway, have a great day!

--- Edit #1 ---

Well, the day got real good with the Seal closing at the high of the day... $4.77. This is a real nice surprise given that teen retailers are generally lower today. And, the broader market (S&P 500) is flat. Gotta love it.

The only real stinker for me today was Citigroup (C). Might need to throw in the towel on at some point, but I remain hopeful that this financial sector trouble will pass.

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