Early this week, my main focus was to keep watch on Summit Therapeutics (SMMT), this is a stock that I had shorted last week. A couple weeks back, SMMT had jumped drastically, so I took advantage of this opportunity to short it at its peak.
I decided to keep hold of this stock for quite a while. I decided to sell it this week when I began to notice that SMMT was slowly starting to go back up, I was able to make about $5,500 from shorting this stock. A stock I invested in this week was Finish Line Inc. (FNL), which is a company that sells shoes and athletic gear from a variety of different brands. So far, I have not yet been able to make money from this stock. But I am hoping that in the near future I start to make profit of it. The recent trends of this stock shows that it has slowly been going down, but I have hope that it will go back up. This is a method I have learned - buy low, sell high.
The picture above is the overall five day trend of FNL. Similarly, I have a few stocks that are in the same situation, NUGT and JNUG are two other stocks in which I have bought at a low price. I have set these stocks for more of a long term goal, I do acknowledge that it may take a while for them to start to go back up, but I believe they will have a very big comeback.
Looking at more short term, I am keeping a close look on Finisar Corp. (FNSR), a while back I had shorted the stock, now I am slowly starting to make money. For this stock, I have set a limit order. It is currently valued at $28.88, I put a limit order at $30.00. I have noticed that this stock can be very unpredictable, which is the main reason as to why have set a limit order on it.
Overall, I would describe this week as steady for me. I have recovered a slight amount of money from JNUG and NUGT, and I am currently $3642.36 up, but there definitely is more room for improvement.
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