Bookkeeping: Closing Blackrock (BLK)

Blackrock (BLK) has one of my favorite CEO's and I like the company, but if I were only looking at the chart I'd have some concerns - the stock has begun trading below all key moving averages. Since I've added a lot of financial exposure elsewhere I am going to close this position and we'll assess later. It has been acting curiously weak considering the sector has had some of the "stars" of the market of late. Since it is up 8% this PM, I am going to sell into this strength.

I began Blackrock the 2nd week of the fund, Aug 13th, 2007 and we are effectively ending flat (small loss) on the position. It has probably been the best performing financial stock over that time frame but essentially has not gone anywhere for a year; which again is outperformance in this horrid market. But I'd rather sell when I can, instead of when I'm forced to. The chart is actually much more favorable to a short than a long right now - sell short in 190s, cover if it gets over 205. Since I can't short, I'll just sell it.

As for the market, it looks like it is going to get Mosaic'd, or Crox'd... D.O.A. There is a chance Monday is going to be one of those days to remember... and not for good reasons - based on what we are seeing.

No position

Short term chart

Chart since we bought