Wednesday, February 17, 2010

Bookkeeping: Closing American Superconductor (AMSC)

I am going to close out the last 0.3% of American Superconductor (AMSC) as the stock seems to be in purgatory for now.  Thankfully our stop loss for 75% of the position hit in early February just under $38 - keeping up at very limited losses; and we've sold off a bit more since then as the stock has been acting poorly.  The inability to rally on a day like yesterday when almost all stocks were marked up regardless of prospects has be somewhat concerning.  The only positive is volume seems to be completely drying up - so perhaps sellers are exhausted. 

If we begin another "V" shaped recovery in the markets I am sure AMSC will follow the pack up as almost every stock now moves as one, but there are stocks in far easier chart positions than this one and we can latch onto one of those as a replacement.   Obviously the 200 day moving average is providing quite the headwind at this moment.

No position

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