Friday, September 19, 2008

Bookkeeping: Closing National Oilwell Varco (NOV)

Posted by TraderMark at 11:35 AM TweetThis
As I said yesterday, how do you play the market when they keep changing the rules? I am very unnerved by the latest turns in events even though everyone promises me "It's good for me"... and have been cutting back a lot of positions into this rally.

I am closing National Oilwell Varco (NOV) in the "reduce commodity exposure since they are all the same stock" thesis. One less to worry about. We've held this name since day 1 of the fund Aug 6, 2007 and after the carnage it's taken over the past 2 months leave with a $200 loss. Thankfully we took a lot of profits along the way from 2007 and first half 2008. We're selling the last 1.1% stake here on the 13% spike to near $60. It could jump up to around $70 or so, and that's where it should be shorted until the chart improves.

If they still allow that sort of thing...

No position

Posted by TraderMark at 11:35 AM

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