Friday, July 23, 2010

Bookkeeping: Double Down on Rovi (ROVI), Adding More to Acme Packet (APKT) and (CRM); Closing Currency Shares British Pound (FXB)

Rovi (ROVI) is a new name for me, so I started out relatively modestly to get used to how it trades; thus far it has not seemed incredibly volatile which is a nice change.  Looking at the chart, the stock has held its breakout that caught our attention and I do believe this is called a 'flag' by those who have technical analysis skills that dwarf mine.   The company reports on the 29th so I'll cut back ahead of earnings but for now I am liking what I am seeing and doubling my position from 1% exposure to 2%.

Acme Packet (APKT) reports on the same day next week, so I shall cut it back too at that time to avoid headline risk but the stock is consolidating recent gains nicely so we'll add a some here (+1% allocation); I would like to add more on a new 52 week high over mid $32s. (CRM) doesn't report soon so we're ok here; as risk is being put on this is a "go to" name - so I am going to it.  Adding a 1.1% allocation as the stock goes to a new 52 week high.  (valuation be damned!)

I am closing the Currency Shares British Pound (FXB) position for now as I am unclear what the currency markets will do next and which horse is currently the favorite.  FXB has run into the 200 day moving average here the past week, so if it clears this level I'll consider getting back in - for now I'll take my modest gains and return the marbles to my pocket.

North of S&P 1102 or so (if and when), I'm very likely to add some index long exposure using 1100 as the new pivot point for support/resistance.

A few other individual names I am interested in adding to or starting a new position all report next week so I am going to wait on those.

Long APKT, ROVI, CRM; no personal position


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