Tuesday, September 14, 2010

Bookkeeping: Sold 25% of Gafisa (GFA)

I love feeling like a genius.  Almost any stock I buy, I can create a win.

After the market took the leadership stocks straight up in the first 4-5 days of this rally, I went on the lookout for some names that had been left behind.  One was Gafisa (GFA) so I restarted a position in the Brazilian homebuilder as it was just beginning to breakout.  To repeat in retrospect, I should have just piled into the same 20-25 leadership stocks that apparently every other human on Earth wants to be in the past 2 weeks.  Sometimes you outsmart yourself.

It's been slow and steady going until finally the past 3 days the stock has caught the bug.... it's up 7% from entry so I am going to take a quarter off the table.  Normally, I'd take more off with the extended nature of this market but I am still hoping for a gap up euphoria type of blow off top that takes the market over 1130 and causes every last holdout to go long the market.  So I can sell more into that if and when.  The stock is approaching the early August highs; should hit them tomorrow on the premarket mark up ;)

I've heard today that once S&P 1130 breaks we're going straight to 1150 from at least 4-5 different sources. Is the market going to do exactly what everyone expects?  We'll soon find out.  I do feel like Tom Hanks on that deserted island, talking to my volleyball... "look at me, I'm the only one on Earth betting against the market!"

Long Gafisa in fund; no personal position


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