Bookkeeping: Closing Out Allegheny Technologies (ATI)

As I wrote last night I'd be selling Allegheny Technologies (ATI) after the profit warning from the company in the mid to upper $90s, so with the stock opening in the $96-$97 range I am closing out my smallish 0.5% position and taking a minor loss. The stock is not very expensive so I don't see a major drop off in the shares, but there appears to be downside risk to $90-$92, but most importantly in the near term (a) the technicals of the stock have deteriorated and (b) it will probably be dead money, costing me opportunity cost. I'd rather have the money working for me in stocks without the near term overhang. I will revisit this company down the road I am sure.

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