In at $1.83, out at $2.20, profit = +19.71% after commissions.
Stock Trade Commentary
I came back to my office late in the afternoon to discover that my sell order on Cequence has been executed at $2.20. The first transaction in 2011 has just been registered and it has resulted in about 20% in profits. The price obviously didnt even look back after passing $2.20 and went to close at $2.26. Had I been following closely during the day, I might have sold at a better price but thats fine since I was looking to shed some natural weighted stocks.
I might have sold CQE too fast as they have been drilling in the Deep Basin where they have an excellent land package with results due any day now. On the other hand, they are 89% weighted to natural gas and all it takes is a weather forecast calling for above normal temperatures to knock NG prices and NG stocks back down. Praying weekly for a cold weather forecast is really not my type of investing. Since the stock doesnt pay a dividend, I prefer to redeploy into oilier prospects. I still have exposure to the Deep Basin through Perpetual Energys portfolio of high impact plays where at least I get paid to wait in this case.
Whats your take on natural gas prices?