Rambling on…
August 5, 2008 – 11:49 pmMan my portfolio has taken a beating…especially natural gas plays and my dry bulk shipper….
I just need to vent to the rest of the world. I am currently down 27.16% on Foster Wheeler (FWLT) and 13.24% on El Paso Energy (EP) as of today’s close but will continue to hold on. Both of these plays have solid long term outlook, especially Foster Wheeler with the impeccable set of financial statements the company has. Hopefully I can look back at this post six months from now and relish the fact I held on during a huge pullback.
As for my dry bulk shipper, I don’t know why I listened to Jim Cramer and selected Paragon Shipping (PRGN). I had Diana Shipping (DSX) on my watch list for over seven months and should of gone with the safer bet instead of rolling the dice. Dumb play on my part, which is why I do not recommend Jim Cramer for the vast majority of his speculative picks. Don’t get me wrong, he is a genius and a lot of his philosophies I call my own, but this was a dumb decision. The BDI index hasn’t helped much either, dropping like an absolute rock. This stock is in my long term portfolio though and I will tough it out but a 29.49% loss as of today’s close isn’t too self assuring.
Thanks for reading. This post will go into my time capsule, to be read again February 5th, 2009.
-Justin Moon, Senior writer for Marketchasers.com
5 Responses to “Rambling on…”
I just put an order in for FWLT calls with a tight stop. I also noticed PRGN was up 5% in the premarket trading.
EP looks gross to me. Well good luck anyway. Just be overcareful with cramer, he claims something new everyday and they only re-run the good stuff. If you have some time check out don harrold on youtube, he talk about Jim Cramer and shows the facts.
By caliro121 on Aug 6, 2008
Exactly. 3/4 of the stuff Cramer says rolls off me like raindrops. People get too sucked into his picks too easily.
I also have a quick question to ask you. Over on PBN, you said you longed T, but I don’t see why. I honestly see the stock going down to 25.
By jmoon on Aug 6, 2008
I bought T based on a candle stick pattern. It’s getting close to my stop. (30.18)
FWLT was a good buy yesterday!
By caliro121 on Aug 7, 2008
Shorted WFC, XIDE, DV, and added to my MKC short. Enjoy
By caliro121 on Aug 7, 2008
Caliro, take a look at the 6 month graph of Bristol-Myers. Is that a definitive enough formation of a head and shoulders bottom?
By jmoon on Aug 7, 2008