Tried to tell everybody! ha! I closed my entire position at the closing bell. Wow! What a day! My GE position closed up more than 28% gain today alone! Why did I sell? Well, I’ve learned to control greed. Sure, it’s going higher (probably), but 28% in a day is 28% and there is no reason to give that up. Maybe it cools down next week, maybe it doesn’t. I’m anxious to see what exactly happens…
There is also the continued risk of the shareholders meeting on November 13 where John Flannery said today that he will be discussing the dividend (and its future). This could create another buying opportunity.
Take the Money
So, for now, I’m taking the money and relaxing. You have to understand I’ve been a strong advocate of GE all year and I’ve been in the hole all year. To pull out of the hole and become profitable by 28% so quickly is something I just couldn’t pass up.
I still believe GE is going higher in the long term. Will I be buying back my position? Absolutely. I will watch over the next week or two and buy call options on any significant weakness before November 13. On November 13th and during the shareholders meeting I will be watching very close and buying any dip.
Congratulations to all of those who stood with me and had the guts to double down or quadruple down (like I did) and watch it turn around! Now, go enjoy the weekend and college football!!