I only had a 1.7% type of position in Acme Packet (APKT) but going back to the theme of canary in coal mines, the leadership stocks continue to take some serious damage. Acme is breaking support intraday (the close is more important than the current action but....) so I am going to take a cautionary stance and cut back the position by 3/4ths. If there is no quick rebound the rest will go soon as (like many stocks) there are only acres and acres of vapor before any real support.
I'll be taking a 9% loss on the exposure let go today.
In a broader sense the leadership stocks in cloud/networking are taking another early hammering.
Long Acme Packet in fund; no personal position
Thursday, October 7, 2010
Bookkeeping: Cutting Back Acme Packet (APKT) by 75%
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