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Sell-Off’s And Rallies


photo by petrick2008

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As we see with the way the stock market performed today, the sell-off kicks back into high gear. Investors are still concerned about the condition of the economy no matter who won the election.
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The rally that took place over the last week in alternative energy was erased today with the sell off. First Solar Inc. (NASDAQ:FSLR) which was up $70 in the past week gave back $24 (-13%) in today’s trading.
The rest of the sector did just as bad with Suntech Power Holdings (NYSE: STP) taking the biggest hit of almost 21%. Suntech was trading last week at $11 and gained almost 90% before today’s beat-down. The one stock in the sector that escaped the abuse of today was Biofuel Energy Corp (NASDAQ:BIOF) which gained just over 28%, take in mind though that this stock is a penny stock and gains like that are quite common.
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In the financial area of the stock market, the sector was another wash-out with nearly if not all of the stocks lost ground. Out of the ones that I really keep an eye on, the best performers still lost over 5%.
Federal Agricultural Mortgage Corp. (NYSE:AGM), a stock that I’ve talked about before here on this blog took the biggest hit, losing over 25%. Last week the stock traded as low as $2.85 (where I picked up 200 shares) and yesterday hit an intraday high of $8.40, a gain of almost 200% in just a few days.
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I’ve been saying it for some time now, but you need to be ready for when the stock market will turn (good or bad). If I didn’t sell out of AGM when I did, I would have lost some great gains. Don’t get me wrong, I did keep some shares (since I’m now trading with their money). When you get big gains like the one I just spoke about, you need to remember not to be greedy and SELL.
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*DISCLAIMER* At the time of this post Billy is long AGM and has no position in FSLR, BIOF and STP

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