Wednesday, June 17, 2009

Bookkeeping: Stopped Out of Bucryus (BUCY) @ $27.00

We had bought Bucryus (BUCY) Monday at $28.70, on anticipation of a reflation trade bounce - if and when it happened. This very crowded trade appears to now be unwinding as hedgies now are running for the exits based on the action in the Freeport McMoran's (FCX) of the world (apparently the "go to" name for reflation) the past few days.

We said we'd give BUCY 6% and then we were out... that is $27.00. That hit this morning so we booked the loss and head for the exits. The stock is currently just over $26.00.

Looks like it's time to reintroduce Ultrashort Basic Materials (SMN) as hedgies flee the scene of madness they created.

No position

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