Friday, October 19, 2007

Sandisk (SNDK) Blowing Up - Down 10% Off Earnings

Posted by TraderMark at 9:38 AM TweetThis
I didn't think Sandisk's (SNDK) earnings were that bad when I reviewed last night - but the market doesn't seem to like it. Luckily the chart told me to get out, and it is saving me some capital.

Remember, capital preservation is half the battle. From 10 days ago:

Sandisk (SNDK) - I am exiting this position with a 4% loss. Sandisk has surprised me; with the move to flash memory in gadget after gadget I thought Sandisk would really benefit. But with the market making new highs daily, the technical picture for this stock is mediocre at best. This is a stock that has been hovering a bit below and a bit above its 50 day moving average - certainly not outperforming like some of its tech peers. While I could wait for a bounce and probably get an extra $1 in price, the position is not massive as I had been cutting back exposure earlier.

No position

Posted by TraderMark at 9:38 AM

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