Sold PetroChina, BHP, Nikkei225; Holding Rio, NAB
by, 23rd-October-2007 at 06:03 PM (2781 Views)
I recently went against my discipline of maintaining low gearing, a maximum of 20%.
I was hitting it pretty fast when I decided to buy PetroChina and do some other trading, it makes me uncomfortable.
I sold PetroChina at $19.26HK after buying at $18.88 and AMAZINGLY I took a small loss due to Hong Kong's high interest rates!
To hedge against the big market fall of yesterday not that I was worried anyway) I hedged my portfolio by shorting BHP at $45.66, luckily for me it came out with a quarterly update that analysts didn't like so I closed it for a small profit.
I shorted the Nikkei225 as its a pretty weak market and very sensitive to US news, shorted at 16,400 and was stopped out at 16,500 when the US reversed course.
I continue on to Rio Tinto and NAB, it seems I can only handle a maximum of 2 stocks at a time with the gearing policy I use, the rest are trades with strict stop-losses.
I hope the market falls further, the lines are points where I'd buy more.
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