Monday, July 20, 2009

Bookkeeping: Selling Almost All Perfect World (PWRD)

This is about the 4th stock in a row we are selling with the identical chart... the only wish here, is we owned a lot more Chinese video game maker Perfect World (PWRD). We simply were not paying attention when it "filled that gap" 2 weeks ago. Once more, a parabolic setup which CAN continue higher - but I am selling all but 1 share to keep our holding position. We're exiting here in the $34.30s as the stock is up 20% in a week.

Again let me repeat, for pure momentum traders buying a stock making a new yearly high, as this is doing is a very common trading strategy. I'm doing the opposite of what a pure technical trader might be doing here as I'm taking a cautious tack.

Long Perfect World in fund; no personal position

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