Bears on the Rampage

I spent most of the day doing taxes for the AARP through their Taxaide program. Two days a week, I do taxes for low and middle income and the elderly. I came home to find the market bleeding red. There was nothing worth buying—nothing that I thought would make money at least.

So I am sitting here, with my heart in my throat on a short position. I was fortunate that my husband got home early and has gone to get the rug rats. So I can sit here and watch it. I sold short at a pretty decent point... right after a weak breakout (low volume) when the stock was overbought.

So far, it's down $0.02 and made about $10—not even enough to pay the commissions. I am hoping to ride it down another 5 cents. The 5 minute chart is just crossing the 10MA. The 20MA is below my stop. On the one minute chart, the stock is going sideways and it's way overbought again, without gaining any real ground. (10 minutes later) Yipes! Stock just crossed the 20MA on the 5 minute chart. I am sitting still, just ONE PENNY from my buy-to-cover price. I feel a little bad for the people who bought at $8.08 with the stock hanging in there at $7.95.

WHOA!

Back up to $7.98!

My nerves are FRIED. I'm bumping the stop price back up to $7.95. A few more nerve wracking minutes and I'm OUT with $20 after commissions. I'm not sure that was worth it. What a crazy making experience!

<PHEW> My first short sale.