Yesterday, I sold 1,000 shares of Equal Energy (TSE:EQU) from my HELOC account.
In at $5.51, out at $6.69, profit = +21.0% after commissions.
Stock Trade Commentary
This is classic profit taking, 21% in 2 months is not bad if you ask me. I believe that when on margin, profits should be locked in mercilessly. I don’t know what the market will be doing in the short term (no one does) so it is prudent to lock profits every now and then.
Equal Energy makes a great hold if someone can buy it and forget it for a year as I believe the company is turning around. This might not be the last time I invest in Equal Energy as the year is still young. I also find EQU at $8 next February should not come as a surprise as the company is undervalued relative to its peers. Given my market timing skills, I also think the share price will swoop past $6.80 today and that’s fine as it is part of the game. The worst part of this transaction is paying $28.95 to sell, but I had to swallow it since the profit was sizeable and I wanted to free this money. This will be the first and the last time I pay such a fee as I am looking to settle this fee thing today with the bank.
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