Abk Halted!!!

Discussion in 'Stocks' started by traderich, Mar 5, 2008.

  1. Mvic

    Mvic


    Tough break, then again it wasn't a very well thought out trade. No hedge, no RR, just a plunge. People who do that don't last long.

    $10? :confused:
     
    #11     Mar 5, 2008
  2. kny3

    kny3

    I hope Charley got out of his position OK.

    This was one of the biggest non-events I've seen in a while. One of the news services had a story this morning about ABK, saying that a stock nobody followed a year ago, trading below $10, is now one of the pivotal stocks to move the market higher. Just when you think you've seen it all...

    kny 3 :cool:
     
    #12     Mar 5, 2008
  3. Cutten

    Cutten

    What kind of pussy company asks for a trading halt to announce....a RIGHTS ISSUE??? Jesus H Christ, that is such a non event. Halts should be for critical news that is totally unexpected, not any time a basket case company run by donkeys puts its cap out and asks for more money.

    Cowards.
     
    #13     Mar 5, 2008
  4. S&P and Moody's should just cut their damn ratings already. Im sick of this back and forth bullshit.
     
    #14     Mar 5, 2008
  5. You hedge every trade you take??? :confused:
     
    #15     Mar 5, 2008
  6. Mvic

    Mvic

    Every trade of consequence I do, but what I do is besides the point, this wasn't a trade it was a gamble. I don't have a lot of sympathy for gambling losses. The best thing that Traderrich can do for himself is to recognize that and either not do it again if it was a temporary lapse in discipline or seriously rethink his approach.

    Was it really such a surprise that it was halted? Its an NYSE stock after all and specialists are notorious for halting for any little thing.
     
    #16     Mar 5, 2008
  7. Which puddy is gonna squeal "Sue Gassparino" first?
     
    #17     Mar 5, 2008
  8. Sorry to disappoint you Mvic, but I sold the long position and shorted as it continued the slide downward. I recovered most of the loss on the long position. Trust me, I have learned not to fight the tape. I was hoping the stock would go up on the news, but if I could have shown you my PC, I had the orders set up before the stock re-opened.

    I was long when it was halted and had another order to buy if it went up on the news, but I also had an order to sell if it went down, which it did.

    My only mistake is I missed it re-open by, I think 30 seconds. My order to sell was filled at 10.00 at 1:38:30. I think it opened at 1:38. I knew I had to have my finger on the mouse at all times, but I looked away for a minute to watch CNBC! darn it!

    oh well, if anything that is what I learned from the lesson, not that I needed to hedge all my trades.

    Trust me when I say I have no problems AT ALL to recognize I am wrong and switch my position instantly from long to short or vice versa. I have done it many many times sir.

    peace.
     
    #18     Mar 5, 2008
  9. Mvic

    Mvic

    To each his own. Glad it worked out for you.
     
    #19     Mar 5, 2008