Tuesday, March 2, 2010

Bookkeeping: Closing Last of Assured Guaranty (AGO); Adding to HDFC Bank (HDB)

With so many stocks transforming into great charts the past 1-2 weeks, there is no reason to hold on to some of these laggards.  Hence, I am going to punt the last 0.3% allocation of Assured Guaranty (AGO) in the mid $20s area.  This will be a 11% loss on the small stake remaining.

60% of the position was stopped out in $21.50s on Feb 4th; ironically during the January correction this was the 2nd to last stock we owned to break below the 50 day moving average - exhibiting great relative strength.  But in the February rebound, the stock has withered and not performed.  We'll open up a slot for stocks with more promising near term charts.

On the other hand, Indian Bank HDFC Bank (HDB) is looking better of late, so I will add a 1% allocation to this name despite a valuation that I find quite expensive.

Long HDFC Bank in fund; no personal position

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