Wednesday, October 20, 2010

Bookkeeping: Closing China Automotive Systems (CAAS)

Talk about a loser trade... I shorted China Automotive Systems (CAAS)  below resistance ... and then it broke over causing me to stop out.  I decided to go long in a "what the heck" moment, and now the stock broke back below support the past few sessions.   So much for the 'breakout'.  These small cap Chinese are just high beta forms of the S&P 500 in many ways.  I am going to exit with a 7% loss and most likely this will mean within a few days it will jump right back over the 200 day moving average and be off to the races.  Par for the course lately.

No position

Disclaimer: The opinions listed on this blog are for educational purpose only. You should do your own research before making any decisions.
This blog, its affiliates, partners or authors are not responsible or liable for any misstatements and/or losses you might sustain from the content provided.

Copyright @2012