Thursday, May 6, 2010

Bookkeeping: Stopped Out of 2/3rds of Remaining HDFC Bank (HDB)

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Despite a wild valuation that seems excessive, I held a material position in HDFC Bank (HDB) as the "no one loses... valuation no longer matters" stock market continued ever upward. I did take half of the position off after a big run 1 month ago in the $145s, and then sat with the rest. Up to about a week ago that sale price was good, as the stock just went sideways. The stock began another run post earnings, but topped out mid $150s. Going into this week I had a stop loss order ready (in the $137s) below the 50 day moving average, and the selloff of the past hour triggered it. Hence 2/3rds of what I had left just was flushed - locking in about a 14% gain.



This is a position I'd like to remount but at a lower price (and better valuation). Something near the 200 day moving average would be a good place to begin rebuilding if and when. For now we only have a 0.33%ish exposure remaining.

Long HDFC Bank in fund; no personal position

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