I am cutting back on these names for identical reasons in all situations. Stocks that had blown through support and now have made their way back to a resistance area or very close; identical set up as we see in the major indexes. I will go with the same concept as with the indexes - if they jump back over these obvious resistance areas I will pay up a bit to buy at higher prices, but this will offer us stronger charts. And very easy stop loss locations in case the market and/or stocks fall right back down.
By doing this we are not selling into the "panic" or lemming rush, and are getting better prices - although these are all at some sort of moderate losses. If anything these charts are set up for low risk short side entries - but for now I am simply cutting exposure since everything seems to be hostage to the general market yet again. If the market is "happy" with the labor report Friday I assume almost every stock in the country will rally en masse, and vice versa. Student body left trading is alive and well.
Sold off another 75% of Brazilian chemical maker Braskem (BAK)
Sold off 50% of recently started F5 Networks (FFIV)
Sold 60% of Market Vectors Brazil Small Cap (BRF)
**********************************
Our only 4 material long positions are stocks that have held up (on a relative basis) like champs - but stop losses are ready for all of them in case we begin a new leg down. DragonWave (DRWI), Assured Guaranty (AGO), Atheros Communications (ATHR) and EnerNOC (ENOC).
Long all named mentioned in fund; no personal position
Wednesday, February 3, 2010
Bookkeeping: Cutting Back a Few More Long Positions
Posted by
Mark
at
3:00 PM
Bookkeeping: Cutting Back a Few More Long Positions
2010-02-03T15:00:00-05:00
Mark
Braskem|
F5 Networks|
Market Vectors Brazil Small-Cap|
| Edit This Post |
Create A New Post
Labels: Braskem, F5 Networks, Market Vectors Brazil Small-Cap
Bookkeeping: Cutting Back a Few More Long Positions
2010-02-03T15:00:00-05:00
Mark
Braskem|F5 Networks|Market Vectors Brazil Small-Cap|
Subscribe
Archives By Date
Best Of FMMF
- Blogroll
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows