This is my first foray with auto supplier Magna International (MGA), hence due to that factor plus when I bought the stock the S&P 500 was being kicked in the groin on a daily basis I started off with a modest position of 1.3% or so. The stock held up really well (versus my purchase point in the $74s) during the remaining days of the selloff, and bounced smartly the past 2 days. It is now back to the old highs so either its going to face some resistance here or break out to new highs. I will cut the position in half with a 11.5% gain in just a few days. I suppose of we celebrate 48,000 jobs created (115K via birth death) tomorrow ("better than expected yo!") with a breakout over resistance on the S&P 500 I'll scramble back to get back the stake as it breaks to new highs.
Otherwise, I can buy a dip and make position size larger next time around, now that I am more comfortable observing how it acts.
[Aug 25, 2010: Bookkeeping - Starting Magna International]
Long Magna International in fund; no personal position
Thursday, September 2, 2010
Bookkeeping: Selling Half of Magna International (MGA)
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows