Thursday, October 22, 2009

Bookkeeping: Stopped Out 60% of E-House Holdings (EJ)

Finally some names are beginning to show weakness; so few stocks below the 50 day moving average nowadays. We tend to get whipped around once stocks are near moving averages so we'll have a lot more transactions if a normal market actually returns where stocks go in 2 directions, rather than just one.

We re-entered our position in E-House Holdings (EJ) post IPO spinoff last Friday in the $21.10s; this gave us a low risk entry since it was just above the 50 day moving average. After opening green in the morning, the stock has done a 180 and broke below our stop loss of $20.30s, so we're dumping 60% of the position with a 3.7% loss. More will be dumped if there is not a recovery in the next few days. This sale will drop our stake from 1.6% to 0.6% exposure.

Our cash position continues to bulge... for now we just sit and stare at the US dollar since all the market is a trade off this 1 instrument.

Long E-House Holdings in fund; no personal position

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