So with that said, frankly, owning 4 financial instruments is overkill - perhaps 1 would be enough but for now I am just going to take out 1, BB&T since we sold most of our position Monday as the stock hit resistance, so this is just finishing off the remaining 0.2% position. We can get the same movement "up" with our other 2 individual names or the ETF since the market sees them all as "1 stock". We initiated this position within a week of the October bottom [Oct 3: Initiating BB&T] yet still managed to lose a good sum ($8.2K) as the stock was trading in the mid $30s then and upper $20s now. Considering Citigroup (C) (despite a huge rally since the government saved it) is down nearly 60% since, and Bank of America (BAC) cut in half it wasn't a bad choice. Even JPMorgan (JPM) and Wells Fargo (WFC) - everyone's "golden children" in the sector are off by similar %s since early October - so this just highlights once again it's easy to make a call "I'm bullish on financials" but if your timing is off by 1-2 weeks in this market you are still sitting with egg on your face. All this even with the government doing everything in it's power to make sure these stocks go up.
Despite the calls for financials as the new "it" sector for 2009, these remain nothing but trades to me - and your timing still needs to be quite solid to make money. With that in mind, less positions - not more, work for that mindset. So we're down to 3 in this sector.
No position
