Tuesday, January 12, 2010

Bookkeeping: Closing Human Genome Sciences (HGSI)

I really tried to be more of a traditional mutual fund manager the past 2 weeks, and not trade as much - let the winners run (yada yada yada).  Thus far for many positions I have sat on my hands with, all I've been rewarded with by not locking in gains are stocks that have completely retraced their moves up and all my unrealized gains in those stocks have been vanquished.   Human Genome Sciences (HGSI) is similar to Myriad Genetics (MYGN) in that I had a nice gain - although in this case much larger than MYGN; and that is now all gone. Just as with Myriad, HGSI broke out nicely in a very short period of time as we entered the stock giving us a textbook move - but has now given it all back in just under a week.  I am going to take the 3% loss and leave this position in the $29.40s as I see a gap under $28.50 which is yearning to be filled.

Now I remember why I don't act like a traditional "buy and hold" fund manager - it stinks unless the market is going straight up.  Back to 1000% annual turnover I suppose!

Today has been quite a lousy day.  The S&P 500 can retrace all the way to 1026 before penetrating its 20 day moving average....

Intel (INTC) and JPMorgan (JPM) report Thursday and Friday respectively - unfortunately earnings season is kicked off every quarter by perennial underachiever Alcoa (AA), which appears to be clouding the mood.

No position

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