We had a limit buy order hit for the stock Monday @ 6.78. With the stock up nearly 8% in 3 days I am going to take 1/3rd of the position off the table around $7.30, basically reversing the exposure I added Monday. I will repurchase if the stock can get over recent highs i.e. upper $7.40s.... or on a decent pullback. I think most of today's "surprise" announcement already was reflected in yesterday's big jump.
I placed a limit purchase order at $6.85 hoping it would get filled in the next few weeks. Instead the stock has dropped in 24 hours 30 cents, so I am simply going to buy back what I sold yesterday at $7.00 and then look to add to the position if it falls to the 50 day. Of course if it breaks that $6.70 area we have to cull exposure but it seems strange that this company that keeps announcing good news gets ignored, while other fare are going up relentlessly on nothing but HAL9000 PhD programmed "this is the playbook" buying. But it is what it is.
I am content to get back my exposure for this quick 4% reduction in cost basis. Since I was able to get back my 'trading' position so quickly, I can lower the price for any additional purchases down from $6.85 to $6.75ish.
p.s. things are so out of hand to the upside, even "buy buy buy" Jim Cramer says we need a pullback.
Long TriQuint Semiconductor in fund; no personal position