I sold 35% of my NYX shares today at $89/share. My cost basis on this was $57.11. Thus, I was up 55.8% or 53+% when you factor in sharebuilder.com's obscene cost for limit orders.
I bought shares in Archipeligo in November and have enjoyed the ride ever since (especially after the AX share conversion to NYX shares). I sold because the velocity of it's share price gains is hitting a road block between $88 and $90. Plus, in the short term, there's the possibility that it'll over-pay in a bidding war for the London Stock Exchange. There's a chance that NYX will announce plans for a conversion to a fully electronic exchange. That will cause shares to rocket higher; however, while shareholders prefer this, I doubt very seriously they'll announce this within the next six months.
Selling 35% of my shares today took an amount of money off the table equivalent to my profits made to date. I'll have to marinate over the market these next few days to see where i'll put the money next. I doubt very seriously that NYX will drop below $80 anytime soon. It's a great stock; however, my position had grown much higher than all my others. Just want to do some more diversifying, and I want to try and find a different stock that will appreciate like NYX already did.
Thursday, March 16, 2006
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