Bookkeeping: Selling Most of Gafisa (GFA)

Some of the moves the past 5-6 sessions have been breathtaking. Gafisa (GFA), our Brazilian homebuilder is one of them. One could place a stop loss below the days low, but I am going to take my money and run as I am seeing a lot of "hyperbolic" chart action as I scan for new longs to add to the portfolio. Gafisa is nowhere near any support line after this type of run, but it has broken to a new high for 2009 as it takes out that peak in early May... hence momentum traders might jump in as they love that sort of action.

We're going to sell almost the whole position here just under $21.30 as the stock has run 25% in a week. We'll look to add on a sizeable pullback since this is a volatile name.

Long Gafisa in fund; no personal position