Talk about relative strength; all through these past few weeks of selling Wyndham Worldwide (WYN) refused to either revisit its 50 day moving average nor fill a gap a sliver below that moving average. It took a selloff of yesterday's magnitude to simply push it back down to the moving average - but as I stated in another post - my limit order did not hit since I was waiting for the gap to fill. The gap was finally "filled" today, and my limit purchase order around $20.60 executed. This replaces the stock we sold on January 21st at $22.60. That was like pulling teeth.
Since the market is so iffy I am going to keep a tight leash, and place a stop loss at $19.75 which is below the intraday low of mid December 2009. In a sideways or upward trending market I'd give it more leeway. If you are a believer in relative strength like I am, this performance should bode well when the market regains its feet. This is the last stock in our portfolio to resist falling below the 50 day moving average.
And with that we are back to 1 material long position ;)
Long Wyndham Worldwide in fund; no personal position
Friday, February 5, 2010
Bookkeeping: Limit Buy Order for Wyndam Worldwide (WYN) Finally Hits
Best Of FMMF
- 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