Friday, November 27, 2009

Bookkeeping: Selling 2/3rds EnerNOC (ENOC)

The trade on EnerNOC (ENOC) worked out far more quickly than I anticipated... in no way, shape, or form is it normal for a stock to fall to its 200 day moving average and then turn on a dime and vault higher - especially a stock that has taken a beating for about 10 sessions in a row.  But much of the current market smells of not normal and we see the exact same behavior in the indexes over the past 6 months, so I guess I should not be too surprised.

As EnerNOC runs into some resistance we're going to take 2/3rds of the position we put on Monday off the table.  I had put a limit sell order out around $27.70 on Tuesday, not expecting it to hit anytime soon but here we are.

If the stock gets over $30, the chart will be in far better position and we'll most likely get back the 2/3rds we sold off.  Until otherwise proven, we assume it will falter before then.... happy to be proven wrong.

Long EnerNOC in fund; no personal 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