Million Dollar Portfolio Challenge is On!

The CNBC.com Million Dollar Portfolio Challenge is back.  Trading started on November 17.  The contest lasts ten weeks in duration with weekly winners.  The top 10 portfolio holders return at the end of week 10 for a final two-week playoff round. The grand prize is half a million bucks with the runner up receiving $200,000 and the third place contestant getting $100,000. Weekly prizes are nice to like tickets to the 2009 MLB All Star Game & a trip to Caesar’s Palace Las Vegas.  To register for the contest and click here.

My Rank

I’m doing very well for only being in the contest 1 day.  My Challenge portfolio reflects my real world trades for today.  I made 19% in real life as well.

If you want to learn how to make money even when the market goes down follow my trades.  

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Stock Pick for Tomorrow

Short Wells Fargo (WFC)

In shorting you reverse the buy low, sell high timeline.  You sell high first (borrowing shares from your broker) then buy them back at a lower price (also called covering your short).

Another way to play it is to buy some WFC Puts.  Puts are contracts that give you the right to sell a stock at a specific price by a certain date.  See investopedia for a more detailed definition and examples.