Just as I did last week, I ended the week with an open position.  However, it is a small position and one that I feel comfortable with.  Short of 250 shares of PTEC.

To start the week, I closed out my position in Citibank.  I sold 1,000 shares of C at $2.52 and then the remaining 1,000 shares at $2.72.  Bad all around for a loss of more than $454.

I was rather sour regarding the markets during the week.  I had a single trade that yielded a small $94 profit in about 45 minutes.  That would have been the stock to be stuck in as AIB was up 42% on Friday.

I feel like I cleansed my pallette by getting out of C Monday and Tuesday.   Overall, it was a great week for most portfolios, but a quiet (down) one for my trading funds.

Looking forward to some interesting adventures to come.   Think Scott will wade in sometime soon?

During the course of the week I made one critical error in execution that cost me $176.  Once realized, I could have quickly turned it and come out ahead by about $40.  Nothing to write home about, but $40 profit beats a $176 loss.   Greed took hold and I figured I would ride it out rather than making the prudent move to cover a mistake.

I also finished the week with an open position of significance that could lead to trouble given the pace of news in the sector.  I am holding 2,000 shares of C with a cost basis of $2.83.  The stock closed the week at $2.62.  On paper, a $420 loss.

At the highest point, there was about $7,400 in capital at risk. The amount currently at risk stands at $5,668.

Without the paper loss factored in, the week finished with a profit of $2,325.90. Factoring the -$420 paper loss, the week ended at $1,905.90.

Going forward, my view has to broaden beyond the few names that I traded during the week.  I also have to have more discipline in closing positions that could be exposed to a large loss.    When trading for the short term, it is almost imperative that we follow the volatility that the market provides and I have to be able to spot the trends.