Holiday Trading

August in the news media world is often called the silly season, and in the share trading world, volumes of trades are lower and prices can be more volatile.  I'm still on holiday, but I'm never far away from the I Pad, so as normal I am keeping an eye on things.  Tomorrow CPP are announcing their half year results and I am currently holding a lot of shares.

Trading in CPP has been volatile.  A month ago they were priced at less than 5 pence, and they have climbed to 38 pence, before dropping back.  Two weeks ago I bought 5000 shares at 22p and sold at 32p a few days later. However a day later I bought at 33 pence, tried to sale at 36 pence but couldn't get a firm quote.  Big mistake, they dropped down to below 20 pence. I'm hoping that good results will cause CPP to surge allowing me to reduce my positions whilst taking some nice profits.

I'm also keeping an eye on Greka Drilling. GDL.  I've traded GDL on and off since last Autumn.  On one day I bought and sold three times in 2 hours as the share was having a volatile session, making me a few hundred pounds.  Some weeks later I bought 10000 shares and watched the price drop in half, wiping out my profits!  I still have the shares and this week I reinvested and bought just over 3000 shares at about 14p.  I've set them to sell at 18 pence making about £100.  That's a days pay on average, but as the shares are in my Self Invested Pension Plan I can't get the money until I'm 57!