I've got JPEP in three accounts with about a third of the total units held up for grabs at $7.56. Not a single bite. This is one of the things I most dislike about thinly traded stocks.
For several weeks I've been eyeing additional purchases but held back due to my realizing that taking profits off the table might not be so simple....even though I hold just 3,000 or so units.
I like to hold 15-20 picks in the stable, each, with sizable share counts. A few years back I held as many as 83 picks, many with multiple positions taken in various accounts. It was too much work but before I saw the light about that, I found that my profits rose as I took hi-profit momentum plays off the table. That told me that so long as I could find highly prospective plays, I should put more faith in my picking ability and leave less for the Fates to eat.
This is at the very backbone of my focusing on about eight primary picks. Needless to say, this revised strategy has worked beautifully over and over again.
JPEP doesn't fit into this picture, does it? No, of course not. It's far more speculative against a backdrop of NGL, CEQP, ALDW and some notable others, of course. JPEP most definitely gives me something part of my brain craves---and that's "the long shot."
I love the highest risk opportunities. Pennies are out for the most part as I've been duped too many times for comfort. But so long as a year appears to be on a greatly profitable curve, I figure, "Why not take a gamble here and there if I can afford it? It's fun and you never know when one of life's little surprises might just come my way, right?"
So I'm prone to being my own sucker, every so often. But it's part of the game and this is, after all is said and done---a game---a game of wits and courage and a healthy dose of foolishness, sometimes.
JPEP lacks the wherewithal to enable free exchanges of trading. I never mind giving a nickel to the next trader in line. In fact, I feel good when I drop my selling price a few cents, figuring the buyer is going to get a good deal. But I've got to feel good about my gains or the process is flawed. At the same time, if there's insufficient trading volume to make this a possibility, then I need to get out. I can't breathe if there's not enough air.
I'm hoping this bit of reasoning will be useful to some others. And having said that, I just looked at my sell orders and find one filled---356 units at $7.56. Two orders remain and I'll post results if they execute.
For what it's worth---I posted my intentions here prior to following through by setting up the orders to sell. I use the "all or none" feature so that moves are not visible to the public. For those not knowing about this---AON directives will not show up on Level II. Because I tend to hold sizable positions, I prefer to not make certain trade information readily visible as they can alter the general picture of the stock's performance. It can inhibit my sales scheme and otherwise end up manipulative---if I choose. I do not choose to manipulate stock price, don't need to.
Just checked and a second order filled---thus far about 600 units have sold at $7.56-$7.57. Remaining is an order to sell 500 units at $7.60. I'll drop my price a dime or less if the units don't sell. This would preserve my gains while taking advantage of today's market with a happy face due to Brexit. Such foolishness!
AI
