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Old 01-26-2011, 07:40 PM
idiotstockinvestor idiotstockinvestor is offline
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Join Date: Oct 2010
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Default I sold CHU China Unicom

I sold it today for what probably only works out to be a profit of 5-7% which is not bad. It was actually doing quite well for the first few weeks that I bought it and I was very happy, I could have made more like 10+% initially, but why would I sell? Things were going well until Vodaphone stepped in . I would have kept it but the selling of Vodaphone's enormous shares put this stock off course and I just wanted to get out for a few reasons.

I believe in the long-term prospects of this stock but I like to avoid the NYSE because of currency issues since I am a Canadian.

What is the other reason I sold it? I've felt since November that we're overdue for a crash and market correction and when a crash happens virtually no stock is safe except Commodity stocks especially Gold/Silver. So in short, I don't trust the market or the NYSE. I wanted to get rid of this stock and lock in some profit. I also hold CHL (China Mobile) which is in a big hole right now of about $-7.50 so I'm a bit anxious to avoid risk.

If some Chinese stocks were listed on the TSX I would have been more likely to hold them, and if I didn't feel a market crash is looming I also would have kept holding them.
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