Bookkeeping: Cutting some Sequenom (SQNM)

Sequenom (SQNM) is jumping 10% today and is up from $14 to $18+ in just a few sessions so I'm going to take this opportunity to cut back hard on the position; we are selling in the $18.10s down from a 1.9% to 0.5% stake. The 50 day moving average is in the lower $19s and if technical analysis means anything in this era, we'll be an avid buyer above that level if the stock shows strength.

Until the market stops acting like a casino we are going to continue to retrench. Just as Wednesday the market lost 3%+ in a 10 minute span late in the day, yesterday we had a 2%+ rally in a span of 10 minutes on the S&P in the last half hour. Something just appears fishy for the market to be moving around this rapidly in 5-10 minute spans, especially late in the day.

I'll be a buyer on strong pullbacks, but unless the overall market breaks north of S&P 985 as I wrote yesterday, I'm not a believer in a sustained move - but even "choppy sideways action" would be a huge improvement over what we've sustained the past 2 months. Targeting which stocks to buy is difficult as the biggest movers just seem to be reverting to a mean. Chasing them up after large moves has proven to be folly so until that pattern breaks we'll be sellers, not buyers after these big moves. If the pattern changes, we'll change along - but not until....

Long Sequenom in fund; no personal position