*Note – I made this trade before launching ClearTrades.com so the details are a little light. You can expect to see more information on trades made in the future.
Short 100 shares of WFC at 18.85.
I remembered WFC making a huge gain a few days earlier, one that I didn’t think would last. Of course, that was the time to go short, but I didn’t pick a bad time either. It was a bit up and down for a couple of days, but then it fell off considerably. Unfortunately, like with BAC, I covered too soon.
Sell Short, WFC
*Note – I made this trade before launching ClearTrades.com so the details are a little light. You can expect to see more information on trades made in the future.
Short BAC (Bank of America) at 6.13.
I don’t remember exactly why, but both BAC and WFC looked like shorts to me. I remember that WFC had a big day on a poor report and I felt it wasn’t going to last. BAC was also running up on mostly bad news and the looming threat of nationalization. BAC was up to about 6.50 that day and started to drop pretty quickly. I wish I had shorted a little earlier.
This turned out to be an incredible time to short BAC (and WFC for that matter), but I didn’t have enough confidence in my theory and I didn’t do a good enough job watching the chart. It should have been obvious this was falling farther, but I covered too soon.
BAC, Sell Short
