Bookkeeping: Closing Millipore (MIL)

We've added a lot of healthcare names in the past few months as we've tried to avoid the daily fighting between "financials" versus "commodities" who move up and down 15% every 2 days, usually in inverse relationships. Millipore (MIL) was one name we bought relatively recently; it is owned by a lot of hedge funds which nowadays appears to be a curse as they are selling what they can to stay solvent. Since we have so many names in the space I'm just going off the chart, which has recently started to show signs of strain - we bought it when it was above all it's moving averages, but now it has broken down below all of them. This is actually a chart that at this point you'd want to sell short, not be long.

We cut Millipore back just over a week ago from 2.2% stake to 0.1% in the mid $70.00s when it first broke down, and nowafter falling further is rebounding a bit, but not very convincingly and sits in the mid $69s so we're going to close that last 0.1%. I like the growth prospects better in some other healthcare names we own but I was hoping this one would be a shelter from the storm, conservative type of name.

This is another name we started in mid August [Aug 15: Initiating Millipore Position], and exit with about a $1400 loss.

Very few promising charts out there - most of the big winners today are simply oversold stocks that are bouncing back to approach a resistance area. The same game that has been going on for months. We called for an imminent "bailout" rally yesterday but frankly with >50% in cash we are not participating much at all in it. We continue to be very defensive which served us very well in the first few days of the week and will cause us to lag today. It is weird how 3-4% days on the indexes are now normal. Strange, news driven times that have nothing to do with fundamentals.

No position