The following companies just broke down below their 50 day moving averages - it is still intraday rather than a close below the 50 day but its still a sign of weakness so I am culling these to some degree to reduce exposure.
To be clear I am bullish on these names in the long run, but their stocks are signaling weakness (again) by breaking a clear support - after running up nicely in the past week or two. A bit frustrating to see this see sawing so much instead of establishing a firm trend, but I want to protect capital - I can always buy back on a rebound for similar prices. So I am generally culling about 20-30% of each position. I just want the reader to be aware of "why" when I was "bullish" on these names in earlier posts. Again, all stocks I like for the long run (otherwise they would not be in the portfolio), but when the stocks break down technically they can fall quite a bit farther, so I will look to rebuy after they either wash out or regain above the 50 day moving average, and concentrate on stocks in more healthier technical positions.
- Titanium Metals (TIE)
- NII Holdings (NIHD)
- Pride International (PDE)
This also allows me to raise cash as I have a low cash position relative to where it has been the past month.
Long all names in fund; no personal position
