Exitting VBA & BSL - FOMC opinion
by, 17th-September-2007 at 01:23 PM (2709 Views)
Today I sold off my shares in Bluescope Steel & Virgin Blue to reduce my gearing below 10% and secure profits before a big session on Wednesday.
Sold VBA @ $2.24 after buying it at $2.15 - VBA continues to make higher highs, I feel that the correction in the share is over and it can move a long way with its huge profits.
SOLD BSL @ $10.41 after buying it at $10.15 - Bluescope respects support at the $10-$10.20 region well and I'd expect a bounce up to $11.
I pulled out of these short term stocks because of the FOMC meeting, I'm not sure what Bernanke will do, I think that he will hold interest rates because he doesn't want to bail out speculators.
Should he hold interest rates I think the market will experience several sharp drops, which will be good buying points.
Should he drop interest rates the market will probably rally, in which case I'm holding long-term posiitions in Rio Tinto & St. George Bank anyway.
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