Bookkeeping: Cutting Sequenom (SQNM)

To offset this wave of buying I am going to cut Sequenom (SQNM) as it hits a resistance level; this is one of my favorite names but its been turned back at resistance each of the past 4 days. Eventually this will change and the stock will blast through - but until it does that it is correct to sell on resistance. $17.50 is the 50 day moving average so I set a limit sell at $17.45 which just executed.

We are dropping from a 2.3% exposure to 0.4%; the shares sold today were purchased on Dec 5th and Nov 24th in the $14.60s and $14.30s respectively, so this is booking a nice 20% return. Yes folks this is no DryShips (DRYS) where you make 20% in 25 minutes but I'm doing my best ;) (p.s. DRYS chart is holding up nicely for the gamblers out there who love to buy debt laden companies in a no credit world - fundamentals don't matter so it's fine to jump into the water!)

Once more it has been correct to sell at resistance on SQNM and this stock is hard to value today because it's days of glory shall be starting about this time next year, but if we have a technical breakout (I'd say north of $18) we'll pay up a bit for the merchandise we just sold and keep riding the train. North of $21 would cause me to sprout two horns of bullish nature. But for now, I'm locking in some profits even though my gut tells me this one could be ready to run. Discipline over gut.

EDIT 3:40 PM - I am buying some of this back around $18 as I want to go with my gut on this one. Back to a 1.7% stake...

I'm going to need a full weekend of recupration after all of today's transactions.

Long Sequenom in fund; no personal position