Tuesday was good and bad for the Oxen Report. Our short sale of the day worked very well for us. I chose Ultrashort Proshares Oil and Gas for our short sale of the day due to my expectations that oil would drop in price as the market rallied and going into crude inventories. We opened our position at 14.65 and were looking for a sale price of 14.36 – 14.22. The stock just met 14.36 for a great 2% gain on the day! On the other hand, we Best Buy was not as successful. We entered our position at 40.10 and were wanting to exit around 41.00 – 41.20. The stock, however, dropped 3% and hit my stop loss point before bouncing all the way back from the lows of the day to hit 41.14, right in our range. If you held, you made 2.5%, but if you stop lossed like I do, then you were 3% in the hole.
Result: 1/2, 2% gain on short sale and 3% loss (sort of) on buy pick.
The Buy Pick of the Day was the only the second miss the Oxen Report has had in the past two weeks! On to today…
Buy Pick of the Day:
IN PROGRESS
