I was pretty happy with the way TransOcean (RIG) had broken out of a base and was headed higher. Then the stock pulled back (I didn't realize why until yesterday). Apparently the drilling rig that blew up in the Gulf of Mexico of the Louisiana coast was owned and operated by RIG. So my position went from a nice comfortable profit to a loss in less than a week. It is my fault for not being able to keep an eye on it and trying to figure out why the stock was headed down. Goes to show that unexpected events can deal a blow to your portfolio (or deliver a windfall). I did sell the stock yesterday once I realized that RIG was being sued by the families of the workers that may have perished in the explosion. I also was afraid of more lawsuits to follow due to the still expanding oil slick that is headed to the Louisiana Coast. I don't know whether RIG would be liable or whether it would be BP, but why take the risk.
EK earnings apparently disappointed and the stock is headed down. I'll have to decide on pure technical merits whether to hold on to the stock. At this point, it still has not reentered the base.
ETFC took a sharp downturn once a secondary offering was announced. There goes that nice formation that was looking promising. This down move probably took a large bite out of my portfolio today since I have a large quantity of ETFC stock (compared to other holdings in my account).
Other stocks (and the market) are showing positive momentum at this time.
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