Bookkeeping: Cutting Back Allegiant Travel (ALGT)

Support I was looking at around $38ish for Allegiant Travel (ALGT) appears to be broken [although the price at the end of the day is more important than the intraday price] so I am going to cut the position in half, from a 1.4% stake to 0.7%. I don't have stop losses available to me so we're out in low $37s (intended to be out around $38)

We assumed the stock would benefit if oil prices would fall, which they have (substantially!) since we entered this name early last week - but yesterday the airline stocks were hit on what appear to be economic concerns - i.e. lack of travelers supersedes cheaper input costs. Based on what Allegiant did when oil was $140 I don't think it will be a major issue - they will just cut capacity - but I don't argue with the market.

The 200 day moving average is down at $31 so I'll look at picking up some there, if we hit that level. Or if it gets back over $41 and holds it - right now the stock is in no man's land technically.

Long Allegiant Travel in fund; no personal position