Tuesday, August 9, 2011

Trading Notes Aug. 9 (Updated)

Catching up on my trading, I put Monday's continuing decline to use to snap up my second third of agricultural products maker Mosaic (MOS) as well as a second piece of Kennametal (KMT), which makes industrial drill bits and other tool parts.
I liked both of these companies 10 or even 20 percent higher, and had been looking for an entrance. The dip provided a nice one.

I had considered also opening a position in National-Oilwell Varco (NOV), but didn't get to it Monday. With Tuesday's fast recovery, the stock shot up quickly. So, I'm going to hold off right now and see where it stands later in the day and in coming days.

**UPDATE ** - When the market crashed immediately after the Fed announcement, I did buy that piece of NOV after all. Not only that, but I watched it tick up to a better-than-10-percent run on the day. A real victory, if only a momentary one.

I also considered adding to Ford (F) below $10, or opening a position in auto-parts maker Borg-Warner (BWA), but did not feel I had enough money to make one of those moves and the NOV buy. So, they were put on hold.
I still have some ammo left. We'll see what the coming days bring us. 

See my portfolio here.

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