Thursday, November 4, 2010

Bookkeeping: Closing Home Inns & Hotel Management (HMIN)

It appears we are going to test highs of the year today as S&P 1220 is fast approaching.

Chinese hotel operator Home Inns & Hotel Management (HMIN) seems to have been left on the side of the road during the melt up rally.   After breaking out 3 weeks ago, it has stalled and yesterday Chinese travel operator (CTRP) [which I've owned many times] put out a report that did not please the markets extremely high expectations.  This seems to have weighed even further on HMIN.  On a day like today when 95% of stocks are up, I get a bit concerned when I see something I own down... and with earnings next week, I'd rather focus on stocks that are in 'bullet proof' stage and/or already reported earnings.

After the initial position entry Sep 27th, I took 1/3rd off the table for a quick 10% gain Oct 14th.  I am going to sell the remainder today for a 3% gain.

I'll look for new candidates to take this company's spot as we melt up to S&P 3500.

No positions


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