Thursday, September 9, 2010

Bookkeeping: Closing Titanium Metals (TIE)

Rather than chasing after stocks that had a tremendous move off last Tuesday's lows, I was looking for some alternative ideas late last week, one of them was Titanium Metals (TIE).  In retrospect just piling into the same 30-40 names everyone else is chasing was the better idea!

Unlike most names I buy which are secular growth stories, this was a 'trading stock' that I was hoping would 'catch up' to the market as it has lagged but was peaking its head over resistance Friday.  My leash is very short with these type of names - either they work or they don't, and it's all technicals for me in this type of name.  In my opinion when the stock is not following through with the general market direction it is not a great sign, so I am going to close this position for 1% loss as there appears to be no follow through this week in the stock.

No position


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