Loaded and ready to fire

Well I am glad I resisted the temptation to buy into Northern Rock a few weeks ago. Hopefully I have gained some wisdom during my short investing life and I have been stung before by buying into companies soon after bad news is released, only to find out that the share price has so much further to fall.

Even on Friday I read on message boards about people buying into NRK as soon as the market opened to get a "bargain" only to see the share price fall throughout the day. In my opinion to buy into a company like NRK at this point you need to either be a trader or a real expert in the banking industry. I am neither so I will stay away.

I think a good way to play the current banking crisis is to buy into non-financial companies that have been unfairly sold off due to all the bad sentiment around.

In this vein I sold my remaining Google shares on Friday as I saw the CSR share price hovering above 600p. I have written about CSR recently and I think if it hits 600p there is a chance of a quick 10% when it recovers. I did actually put an order in for 250 CSR shares but the share price rose out of range as the American markets opened.

So I am now left with a loaded gun. I will try to be patient and wait for the right bargain to appear. And it will not be a bank!