Bookkeeping: Adding to Thoratec (THOR)

We initiated a position in Thoratec (THOR) Tuesday near the 20 day moving average, hoping for a pullback to the 50 day moving average to increase our stake - that chance is happening today. The stock has fallen to upper $27s which is the 50 day moving average - so we're doubling our position from 1.4% to 2.8%. This is my favorite kind of technical chart to buy as we discussed this weekend while we looked for stocks we wanted to get into [Potential Portfolio Candidates]- stocks in uptrend pulling back to a key support area. THOR has now fallen from mid $33s to $28 in 5 sessions...

From here either (a) support holds or (b) support breaks. But we have a clearly defined place to exit... with THOR I'd use a stop loss around $26.40. Since I don't have that available to me I'll try to keep an eye on it and get out around same level if we get there. Valuation here is high so there is not a great reason to own from that perspective but the business is good, and the chart has been very nice - it's just expensive. The stock was downgraded today but without access to it, I just assume a valuation call.

Still sitting on 60% cash waiting for more opportunities to arise.

Long Thoratec in fund and personal account