Tuesday, December 15, 2009

Bookkeeping: Stopping Out of Much of Gafisa (GFA)

If the market melts up, I anticipate I will be right back in Brazilian homebuilder Gafisa (GFA) but for now as the stock breaks the 50 day moving average... and has been acting lost in the woods of late I am stopping out of the majority of the position (85%) in the $32.30 area; our average cost here is $32.45 so negligble fallout.

As usual, I'd rather pay more for strength so a return to $34+ would make me more comfortable... if the S&P can get the heck out of this box (to the upside) it should take everything up with it. 

Long Gafisa in fund; no personal position

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