Wednesday, June 3, 2009

Bookkeeping: Sell Stop(s) Triggered

I have a slew of sell stops on my long positions, so I'll update any that hit today here.

The first to hit was BHP Billiton (BHP) @ $58.60

Due to the extreme slope of this chart, along with the 2 "gaps" I had almost my entire position for sale at that price, so I only have a 0.1% stake left. I have a buy to refill part of this position at $55 or the bottom of the lower gap. If that successfully works, it would lower the cost basis by 6%. $54 is the 20 day moving average which is where strong charts will usually go on corrections.

Second, Skyworks Solutions (SWKS), 2/3rds of position stopped out at $9.70 (current $9.50).

This brings me down to about a 0.5% stake. I will put a limit buy back around $9.20 - this would lower cost basis by 5% if it works.

Third, Starent Networks (STAR), let go about 80% of the position at $21.50 (current $21.60)

Might live to regret this one since the chart is great... I am left with a 0.2% stake and my position size was awful on STAR (much too low to start). There is a gap down in there in the upper $19s which would coincide nicely with the 20 day moving average but it has to happen fast (next 48 hours) for that to trigger all at the same spot. If so, we can lower our cost basis nearly 8%. On this chart you can see volume dropped off quite strongly the past two days even as thes tock continued up... usually a bad sign in the near term for continued strength.

Any others that hit later in the day, I'll post below - obviously if the market reverses immediately back up these sales will be mistakes, but they are locking in some gains. I'll be chasing for long exposure however.

Long BHP Billiton, Skyworks Solutions, Starent Networks in fund, no personal position

Disclaimer: The opinions listed on this blog are for educational purpose only. You should do your own research before making any decisions.
This blog, its affiliates, partners or authors are not responsible or liable for any misstatements and/or losses you might sustain from the content provided.

Copyright @2012