EDIT: 4:20pm
First, It was a huge mistake to buy within 3 minutes of open. Right after I did, C tanked and I was down over $500 on my position. It was a sell off and I almost cut my losses. All in all, I held because I have a tolerance for pain when I know I might have simply been early to the party. But party there was. It was a roller coaster day, the chart says it all, I sold with about 45 seconds to market close at 2.58 for a nice $480
As you can see, I bought right at open, and held through a deep sell off. You might wonder why I held, and my reason is simple. A sell off or a buy run can happen really quick in BofA or C. A volume spike can make this happen and also, this was happening before 10:30 when volume is particularly high. It is a risky play, but I watched Bernanke's testimony real time with my trade. When he mentioned that nationalization of C did not imply a shareholder wipe, I had more confidence. This was when the first buying run of the day came around 11AM. From there, I was looking for a nice exit while checkings charts of the many other financials having good days. Since C was not hitting the same HODS BofA was, I knew it would come EOD.
Simple reasoning. Profitable trade. I'm not happy with the risk I took at 9:33AM. I'm tired of account fluctuations. I'm up 16.3% and don't want to give any of it back.
