Monday, March 22, 2010

Bookkeeping: Closing Braskem (BAK)

Braskem (BAK) was on my short list of names to punt this week, and this morning's performance has caused some relatively serious damage to the technical outlook.  This was a failed breakout (5 of the 7 sessions since the jump over the 50 day moving average it has dropped), so my reasons for buying have changed and I am going to sell the stock.  Thankfully after a rotten open, it's bounced back so we will only suffer a 4.5% loss.

We are now 0 for 2 with Braskem, after giving it another whirl on March 11th.  I (like the first time) was trying to buy an industrial to partake in the party that is happening in the sector, but obviously HAL9000 only wants to buy American industrials.

No position


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