What a wild day for a poor old newbie!! (Part 2)

Let's see... where was I? (see the Part 1 blog posting written on Friday afternoon).

Oh yes, I had shorted PMI at $4.20... watched it fall to $4.08... expected it to drop below $4.00 so held on... being patient. PMI didn't drop any lower and instead started climbing... slowly at first, then with more fervency.

I didn't cover because my plan was that I would double up if it got up to 4.50-ish. Well, it did get up to $4.50-ish at about 3:30. By then, I knew I was probably in for the weekend... I decided to hold off on doubling up until Monday, just in case it spiked up then. But, I have to say that I really don't believe that PMI is going to stay up at these levels... so I felt it was going to be OK to hang onto it.

Whether or not this approach makes any sense to anyone out there with experience, I don't know (I'd love feedback from any of you folks out there!). But it made sense to me at the time. But let me tell ya... it may sound like I was calm, cool, collected... rationally analyzing the situation and carefully weighing my options. But if you could have seen me, you would have seen a wild-eyed woman pacing the floor, wringing my hands, pulling patches of hair out, passing by the computer to get a sideways glance at the current bid/ask... in general, I was a mess. But, I was being patient!

Well, I was somewhat rewarded because after 3:30, the price came back down to $4.26 by 4:00. In after hours trading, it fell to $4.16. I'm thinking this is a good sign for me on Monday. What do you all think? It may spike up on Monday AM... but I expect (hope, pray, beg) it will fall back down. I'll be watching.

By the way, I also shorted a couple of others that I'm holding over the weekend: GWDC and UPFC. Again, I'm holding them because I just don't believe they will stay up at these levels. But, what do I know? I'm a newbie!

So, here I am holding some shorts over the weekend. On Friday this all seemed to make sense. But today, after the blue meanies came to visit me in the middle of the night on Friday and Saturday, I'm thinking that I'm a friggin' lunatic!!! What if there is an announcement that one of these companies is being bought out at 3 times the current share price... Or some other good news? Holy Sh*t! I could lose a lot of money!!!

Time will tell. I'll let you know the outcome... so stay tuned!

TTYL.