Oil Stocks fall back to Earth - For the Moment?

Sold for Gain
AOG - $79
Sold for Loss
MNKD - $34
Total Gain - $45

Oil set another trading record overnight — moving above $135 per barrel for the first time — then pulled back below $131 causing some short selling in the oil stocks. PDO and MXC finally fell back to earth as many tried to short the oil sector today. The fact still remains that summer is near and oil is rising so this short selling may be short lived but time will tell. There certainly were some profits to be taken with the recent meteoric rise of these oil stocks which unfortunately I was unable to participate in. Having had to go back to work I could only put sell orders out before I left only to find myself getting greedy and canceling them asking for just one more day to let these run as the pre-market in TGC and BPG were fired up and looking ready for another explosive day. So with canceled sell orders which would have brought a very healthy $3000+ gain again today I had to learn another on of those trading lessons...DON'T GET GREEDY!

So today I held on to the stock to see what tomorrow will bring and let go of AOG for a small gain to free up capital and MNKD for a small loss for the same. Today was one of those shoulda, coulda, woulda days as I made the mistake of not taking a $1200 profit only because it had been over $3000 earlier in the day. But this lesson like so many others is now burned into the brain that a profit is a profit and capital not moving is dead money. My thinking is that energy is only going up, but these spikes we have seen had to take a breather, and that's just what I think they will do, breath for abit. Natural gas is only going higher and SUV's still need to get to work with China and India growing exponentially in their energy usage.

The bright side of the day is the contest for TheLion.com portfolio ends next week and while in second place, the race is getting tighter. Stay tuned to see how this all ends up with three trading days left.