Friday, January 2, 2009

Bookkeeping: Cutting AeroVironment (AVAV) into Potential Double Top

Posted by TraderMark at 12:12 PM TweetThis
I'm going to continue to take profits even in my most favored names; AeroVironment (AVAV) is facing a potential double top with an early November high.

I always assume these fail; sometimes the assumption is correct, sometimes not. If its the latter we'll just get back our position slightly higher as that should lead to a new leg up.

For now I am going to cut AeroVironment (AVAV) from a 2.8% stake to 1.2%, selling in the $38.40s. I bulked up on much of this $32s-$33s.

Areas to buy this back are either on a pullback to support ($33-$34) or a breakout over this double top (I'd probably use $40 as a proxy)

Long AeroVironment in fund; no personal position

Posted by TraderMark at 12:12 PM

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