Monday, March 2, 2009

Bookkeeping: Starter Stake in Myriad Genetics (MYGN) Begun

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I am starting a stake in the ground on Myriad Genetics (MYGN) in terms of building a long term position... this is one of the best names out there, but Obama has really put the hammer to all things healthcare. We identified this name quite a while back but I was too cute in trying to time an entry and missed out on a 20 point run due to that.

I am beginning with a 0.6% stake (baby position) in $76.80s

Technically the stock has pulled back from a breakout (once again showing this market is destroying the concept of trend trading or buying breakouts) and is filling a gap - I'll add more around $74. The irony is this is exactly the type of "gap fill" I've been attempting in a number of stocks as shorts - sometimes it did not work in those cases; but of course in Myriad (which we are not short) it would of worked to perfection. The madness of mother market.

p.s. still no panic in this market and people still cling to their tech stocks. I added some short exposure this morning since we came in to the week very light (3:1 long to short) From here, every few % on the S&P down, I will begin making some buys (on the long side) anticipating a turnaround somewhere in the next 5-8% down on the S&P. The lower we go the larger the purchases will be. Hoping to see S&P below 700 to create a panic feel...

[Feb 3: Myriad Genetics - Monster Results]
[Jan 20: Myriad Genetics - Another Diagnostic Heavy Hitter]
[Aug 25: Sequenom Flying off a Positive Investor's Business Daily Mention]

Long Myriad Genetics in fund; no personal position


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