Sold Ultrashort Financials — Stop Hit

By Travis Johnson, Stock Gumshoe, September 16, 2008

Late this morning my position in the UltraShort Financials ETF (SKF) hit its stop loss and I sold the position — I had a stop loss in position at 8%, and sold the shares today at about $132.50 mnhjbv  (that was an 8% drop from the spike up we had at the open this morning in the $140s).  I had expected to hold the shares for longer, but I’m happy with a gain of about 14% in a couple days.  I may re-enter this position if the financials get a positive bounce, perhaps following the Fed announcement.  We’ll see.

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