Putting out fires!
Wow what a week. Had about three shares starting to look like they are on a deep dive into oblivion.
I quit out of Credit Corp. (CCP.AX) fearing a total unraveling and collapse. Blew up about 6k, a lesson learned there.
That lesson is, no matter what the fundamentals are saying also keep an eye on the technicals.
I realise they are two camps that stay well apart but you have to use all tools available to minimise losses.
CCP had excellent fundamentals up until the first profit warning, even then a fundamental analyst may say, stick with them, its a temporary problem.
Then, as the market saying goes, profit warnings come in 3's. Warning 2 comes out and the price drops 75% to less than a $1.
This company was trading at $12 back in August.
In a sign of desperation, purchased a small quantity of shares to lower the average cost by 50% but it looks like it was a case of throwing good money after bad.
The shares continued to fall so took the decision to pull the plug at 65c.
Normally I wouldn't have touched CCP with a barge pole after the price started falling but got swayed by the siren call of fundamentals.
I am now waiting for some weakness in some of the ETF's so I can start off a few new programs.
Regards
Neil
