Sold my 223+ tranche from December at 192.45 this morning.
It’ll probably go higher, but this completes a premeditated big decision to exit ALL banks for probably a long spell, unless we see a sharp retrace. For eg. I may be interested again at sub-165; otherwise no more buying of investment banks.
To reprise, I’d never have bought at this level had I anticipated what was ahead: Brexit, divi-cuts, commodity crash, et al. Also, still huge challenges for the sector & more litigation ahead. Indices also worryingly high.
Though my hit on this buy isn’t insignificant, it’s merely giving up a percentage of previous gains. I’ve still come out well into overall profit with trading BARC X-amount of times over since buying this clanger in early December.
I'm reasonably confident I can make today's hit back elsewhere, in good time.
Hope this rises more for L/T investors.
Busy day away from desk until mid-afternoon. GLA!- Catch all later.
Fird, As I refer to it in my recent comments, divi was slashed to just twice yearly. That'll be the case for about 2 years & until further notice from BARC. For now, ex-dates in March & August only. Regards.
Hi Danny, Thanks & I hope you're having a great time in Spain otherwise, weather & all. Let the trading come a distant second until you get back. Chill out.
Usually I sit tight with paper losses in real shares, especially top divi payers like MRW, HSBA, EMG, et al, in the past. But I bought these last 2 BARC tranches (now 1 left) before the commodity crash & when BARC was promising a progressive divi policy. Things have changed massively since then.
If I'd had an inkling back then about divi-cuts this year, or Brexit win, I'd never have bought at those prices. I'm exiting ALL banks as I can do better with my money elsewhere, especially trading. No regrets, despite the hit. One more hit to go on BARC. ;o)
All the best with ITV. I'll be looking at VOD, et al, but I also expect to be trading some miners & other stocks. Would only re-enter banks if we see a sharp retrace. If not, I'm glad for others, especially L/T holders, to see VG further gains.
I'm on holiday in Spain, I said to myself I was not trading lol
The weathers not great and we have wifi in the villa so I couldn't resist.
I'm glad for you, closing down your exposure well done. You've had a good run on Barclays with the leverage positions.
I've moved into itv with 50% of my real shares and got the other half in cash waiting for time a decent opportunity. I totally agreee with you regarding banks, they are going to no doubt take a big hit with Brexit and Deutsche situation.
Hi Danny, Credit for your honesty &, as Hob say, it happens to most of us.
Look at BARC trades recently & plenty of large sells going though today. Only the lucky or fantasists always buy the exact low, or sell exact high. What counts far more is cumulative gains over time. In that sense, you've still done very well up to this point. Credit as due.
As for me, one more banking tranche to settle here & I'm focusing on other sectors for a while. - All the best!
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.