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Wednesday, March 11, 2009

Bookeeping: Cutting James River Coal (JRCC) to Holding Position

Posted by Mark at 11:03 AM TweetThis
I am cutting almost all James River Coal (JRCC) on a massive bounce from $9 to $12 in just over a week. The stock is quickly approaching the 50 day moving average - on this chart you want to buy on a pullback or on a breakout over $13. It is now in no man's land for me. Going to book profits and run.... (notice a theme??)

I'm selling in the $11.60s area and will take it down to 0.1% stake awaiting the markets next move. I'm doing the exact same strategy here that I laid out with Lennar (LEN) yesterday - buy on horrific dips, sell on bounces as these names move 20-30% in 2 sessions. Until you can safely hold stocks for weeks at a time, this is the way we are forced to go.

Long James River Coal, Lennar in fund; no personal position

Posted by Mark at 11:03 AM Comments (2) | Edit This Post | Create A New Post

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2 comments:

walt said...

Mark, do you know what's going on with ICLR? I can't find any news on them and it's has been down last couple of days. thanks.

March 11, 2009 11:53 AM  
TraderMark said...

No I don't sorry
it is making a double bottom with Nov 08 lows. You definitely want to see that hold. Might bounce there... lots of stocks getting taken to woodsheds, I think hedge fund liquidations again.

March 11, 2009 12:23 PM  

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