I can't help but watch the pre-market in Oil, of course, and it looks like the momentum is finally with me. I've seen such big moves reverse minutes prior to the open, so who knows, but today may finally be the day for me to get my money out. Now the question is how much do I pull out and when. Do I try and make a profit or do I sell part of the holdings, such as what I bought on margin, to free-up some of the cash.
Over the past week I've thought a lot about the various rallies that have taken place and if I had sold earlier, at a loss, I would have been able to take advantage of those rallies and make my money back (in theory) that way rather than waiting on the price of Oil to fall below where I bought-in.
On the flip-side, however, there's that nagging belief that this rally isn't based in any fundamentals. All week I've been listening to smart people say how this is all short-covering and won't last ...and the price of Oil has risen nonetheless. ...hmmm.
One more thought... I've promised myself that I wouldn't buy on the first morning swing, so I guess the rule should apply for selling just the same. I'm going to wait and see what the open looks like before I act ...or decide not to act; I'm not going to be tempted by the first sign. That said, I should place my order to sell after I see some stabilization - I don't want a repeat of Monday's missed opportunity... or yesterday's for that matter.