I sold BP today at $38.66 (7/26/2010 12:39:35 PM) for a 22% net return which works out to 187% yearly ROI. I’m counting this as a successful first adventure in the world of wall street and stock market speculation.
I sold for three reasons:
1. BP topped out at about 39 on July 15th. I expect to see similar resistance to breaking 40. This is based on nothing but pattern recognition and my own intuition about group psychology. I expect these sort of moves to be my strong point seeing as I know very little about anything else in the market.
2.Though this may be a good thing in the long run, I believe CEO Tony Hayward leaving BP temporarily increases risk.
3. Pressure on the cap is increasing. I don’t want to be holding BP when it pops. If it pops and people freak out, I’ll buy again.
British Petroleum (NYSE:BP) (Part 1)
British Petroleum (NYSE:BP) (Part 2)
British Petroleum (NYSE:BP) (Part 3)
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