So I bought over the course of this year a REIT that I still really like. Today it took a big hit when it missed its earning target. Because I like it, I do not want to reduce my position. Seeing that REITs in general are a risky investment, I am hesitant to add to my position as well. That being said I believe folks are overreacting to the earnings report. The stock dropped .34 in one day. I do think it should have dropped, but, not by that much.
I have about 1000 shares that I bought at 7.8, other shares I've bought closer to 7.5. What I want to do is sell the more expensive shares and buy the cheaper ones today at 7.1.
I rarely deal in the short term. I know there are Wash rules, that I need to follow. I assume, if tomorrow I buy at the lower price of 7.1 it would be cool to sell those more expensive shares when the stock rebounds. Would I be violating the rules by doing it in the opposite order? Selling the expensive shares and buying the cheap ones? My understanding is that would be a no no. Why I want to do this is so I can offset my capital gains.
My investing background: I've had a portfolio for 15 years, but am still a novice. My portfolio is mostly inherited and a mess. I'm trying to reinvest more risky investments (penny stocks) into index funds, but that's a post for a different time. Currently 3-5% of my assets are in REITs.