Wow, what a move down! I sold 1/3 of my Riverbed Technology (RVBD) around 11:30 AM for $51. Its now below $45 or a drop of >11% in 4 hours.
Ironically I wrote "I will be happy to buy back any of these positions on any meaningful pullback."
I didn't expect that meaningful pullback to come 4 hours later.
I will buy back the shares I sold. Amazing. But still being cautious overall. This market could turn ugly quickly as many stocks have no technical support for quite a ways down (like Riverbed just showed us) In a normal market I'd add more than the position I just sold, on such a dramatic fall, but I want to see how things shake out - this could be the beginning of bigger things ... or a 1-2 day decline. Let;s see how eager bargain hunters are in approaching this market - and I use the word bargain very loosely.
p.s. Baidu.com just fell to $301.25, down 17% from its high today. Those big round numbers provide psychological support. Let's see how it handles the last 30 minutes of the day.
Long Riverbed Technology in fund
Thursday, October 11, 2007
Buying Back the Riverbed Technology (RVBD) I sold a few hours ago
Posted by
TraderMark
at
3:27 PM
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2 comments:
Cramer seems to be right on Baidu
I believe Baidu reached it's peak.
Hi MM,
I sold Baidu out of the portfolio at $280 saying it would probably peak at $300. I think Cramer chimed in about half a week later after the silly analyst upgrades started - calling for $400!
But its the perfect stock to watch to see where we are heading... should be interesting.
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