Friday, March 14, 2008

Bookkeeping: Cutting WuXi PharmaTech (WX) on Rally

Posted by TraderMark at 2:19 PM TweetThis
Exact same strategy in this stock as LDK Solar (LDK) earlier today - 2 very oversold (unfairly in my book) stocks, who got beaten to a pulp, and now are rocketing up on news/earnings and forcing overconfident bears to cover. In fact the charts look identical; WX is up 25% in just a few sessions. While I enjoy the fundamentals of both stocks, I believe all of these type of rallies need to be sold. I don't have a major position as I wrote earlier this week but I am selling down my 0.6% stake to 0.2% stake and will look to buy more WuXi PharmaTech (WX) on the pullback (if it comes)

Long WuXi PharmaTech, LDK Solar in fund; no personal position


Posted by TraderMark at 2:19 PM

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