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Case Study

1791 words - 8 pages

OTIS Portfolio Management Project
My initial feelings about the market were bearish upon starting this class, but most of those feelings were based off of small tidbits of information I have heard here and there as well as my general feeling of malaise with our economy. Throughout this project and the class time I came to realize the market was more bull than bear, even if the regular working stiffs like me didn’t feel it yet.
Closer inspection of the markets definitely lends to the realization that the U.S. economy is in a state of expansion, although I feel like it is one that I have never witnessed before as it really still feels like we are in a recession to most of the public. I ...view middle of the document...

I was so confident in Apple that I wound up divesting almost all my other holding and pouring everything into Apple and at first I saw some modest gains, but then everything changed the day the earnings report came out. Apple didn’t make its earnings and the afterhours trading completely killed me taking Apple down almost $60 a share. It was at this time that I learned another valuable lesson in behavioral trading, learn when to walk away. In essence I initially doubled down and bought even more Apple with the idea of it rebounding dramatically which it did slightly bringing me a modest gain, but I knew that I needed to look elsewhere to make up ground lost.
Trade Date | Type | Quantity | Trade Price | Commission | Total Proceeds(Cost) |
2/7/2013 | Sell | 10 | $463.25 | $25.00 | $4,607.50 |
1/30/2013 | Sell | 150 | $461.35 | $25.00 | $69,177.50 |
1/24/2013 | Buy | 45 | $459.63 | $25.00 | ($20,708.35) |
1/14/2013 | Buy | 15 | $504.00 | $25.00 | ($7,585.00) |
1/14/2013 | Buy | 100 | $503.85 | $25.00 | ($50,410.00) |
| | | | | ($4,918.35) |

It was at this point that I thought up the idea of chasing low priced stock and buying a lot of it to enjoy the small gains it would have times the many shares I possessed. I was initially successful with my purchase of Yelp stock as shown below.
Trade Date | Type | Quantity | Trade Price | Commission | Total Proceeds(Cost) |
2/7/2013 | Sell | 3277 | $21.36 | $25.00 | $69,971.72 |
2/6/2013 | Buy | 3277 | $20.98 | $25.00 | ($68,792.84) |
| | | | | $1,178.88 |

That initial success only fed my greed and caused me to look at even cheaper stock offering such as the low priced pharmaceutical stock Avanir.
Trade Date | Type | Quantity | Trade Price | Commission | Total Proceeds(Cost) |
2/12/2013 | Sell | 28586 | $2.83 | $25.00 | $80,873.38 |
2/7/2013 | Buy | 586 | $2.93 | $25.00 | ($1,741.98) |
2/7/2013 | Buy | 28000 | $2.93 | $25.00 | ($82,065.00) |
| | | | | ($2,933.60) |

In the first day I went up but I held it too long and it took my portfolio down even further by almost $3,000 which I rationalized away as I just didn’t pull the trigger fast enough. I was telling myself that the strategy wasn’t the flaw it was the execution. So that lead me to look elsewhere and I landed on another low priced stock called Biocryst Pharmaceuticals that was trading at $1.38 a share. With 2 days remaining in the project I bought as much as I could buy which wound up being 19,863 shares. The reason I picked that stock was because I was looking for low a priced stock with earnings coming out soon as I had started to notice a trend of a slight ramping up of stock prices as they neared earnings. However the fatal flaw in my scheme was that I work overnight and I am asleep during most days which means day trading is probably the worst strategy I could have used especially when I set unrealistic limit sell prices. I wound up losing heavily on...

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