Continuing with my "keep the stops close, don't ask questions" philosophy - I've been stopped out of about 90% of my Riverbed Technology (RVBD) - I placed my stop just under $22 ($21.90) and that just hit.
With these "untouchable" charts, once the momentum turns it can get ugly very fast so I am shooting and asking questions later. This is the first penetration of the 20 day moving average since March. Now we see how the stock acts at the 50 day (just north of $20) when and if. An aggressive trader might go short here with a stop over the 20 day ($22.50)
As always the closing price is more important than the midday, and we are prone to being "shaken out" of positions by taking intraday stops but I am playing it very close to the vest in a market that is up on reasons I don't agree with. When the next major correction happens, the news won't be very much different than the exact same reasons we ran up - just the attitude of the lemmings. (fear instead of greed)
Quick look at S&P500, we have that support of the 50 day exponential moving average right at 900. This is what we bounced off last week, and I'd expect something similar. A break below 900 foretells not so great things for bulls.
Long Riverbed Technology in fund; no personal position
Thursday, July 2, 2009
Bookkeeping: Stopped Out of Most of Riverbed Technology (RVBD)
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