Tuesday, August 25, 2009

Bookkeeping: Stopped Out of Quality Systems (QSII)

Considering this market is up 6% straight, and on it's sixth straight positive day we are not taking a huge amount of damage on the short side. A few names have been completely flaccid during this entire rally, and a few others while rallying have stopped doing the "+5% a day gain" dance.

Quality Systems (QSII) had been ok up til today; we shorted August 10th in the mid $53s; I had originally placed my stop order at $54.25 but moved it up 20 cents yesterday to give it more leeway, but that level was just breached and we'll be out of the position for a 1.7% loss. (current price $54.54) No harm no foul on this one - the main thing we lost was a realized gain. We had about a 4% stake.

I like the stock fundamentally and it was a long position of ours for a long time; it is quite rich now but with the US stock market now at valuations not seen since 2004, I guess valuation is a moot point.

No 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 FundMyMutualFund.com