Well we have to stick to our guns - we see a chart where the stock broke key support and regardless of fundamentals or backdrop we have to begin to cut back to avoid risking major damage if this is part of a new trend down. We're cutting our ADS exposure in half from 1.8% to 0.9% of the portfolio, here at $60. We'll re-enter if the stock gets back above $62. Unbelievable - even buying back 30% of your shares does not provide you the benefit of the doubt. Just last week I was so happy in the performance - the stock never wavered. So much for that. Well there is a gap back there at $52 so maybe that's the future. So $52 or $62 - whichever comes first is where we'll buy.
EDIT: Actually that looks like a double top just north of $66 which is might be very ominous. I'm cutting back to 0.1% stake until further notice. Here is another easy short entry - short at $60, stop out at $62, cover at $52. Go long at $52? Hmmm... we'll check back in the days to come. On a fundamental basis it makes little sense - but what has?
Long Alliance Data Systems in fund; no personal position
