Looking at a long term chart the stock bottomed in early July around $25, so I am hoping this creates a "double bottom" situation again. A close below $25 would be bearish as this condition would be broken so we'd sell assuming there is more downside from there. But for now, we'll increase exposure from 0.2% of fund to 1.4%, with purchases just over $26.00. Unfortunately, support turns into resistance so until proven otherwise the upside will be limited to the 200 day moving average which it just broke through not long ago (just under $31) But that's a juicy 19% from here. Frankly, $28 looked to be excellent support as well, but as I wrote earlier today I have not been paying much attention to individual names of late, so that enticing entry point was missed (thankfully in this case)
As you can see every purchase is technically driven and nothing to do with fundamentals - if you bought on a good earnings report you were body slammed. We stay in high levels of cash and try to make opportunistic trades here or there on stocks completely beheaded. Other than that it's just casino ETF trading between 3 and 4 PM.
[Sep 3: Starting Genoptix Position]
Long Genoptix in fund; no personal position
