It’s Oil Stock Musical Chairs
Thursday was the last trading day of June and ConocoPhillips (COP) is no longer the top stock in the S&P 100. On June 1st, ten shares of COP were purchased for $114.90 each totaling $1,149.05 and $56.39 in cash was leftover.
Yesterday, the COP shares were sold at a loss for $91.03 for a total proceeds of $910.28. Along with the leftover cash balance, there was a grand total of $966.67 in cash in the bank. The starting testing balance on May 3, 2021 was $1,001.66 so this strategy has returned negative 3.5 percent over the last fourteen months.
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For comparison, the S&P 500 exchange traded fund SPY has returned negative 8.4 percent over the same time, including dividends. Market volatility ...