For reasons of "Egregious" I am selling another 30% exposure to Acme Packet (APKT) (using yesterday morning's position size as the guide) shrinking my exposure to 0.5%. I sold over $50 yesterday morning on a 4% move, but it kept running and ended up 8%ish for the day, after being up 10% the previous day. Like Netflix (NFLX) it is reaching the stage it is prone for a pullback.
As for the greater market I expect no fireworks today; we are firmly over S&P 1200 with a "better than expected" employment report teed up for tomorrow premarket. Bulls firmly in control in the 1200 to 1225 range. If the market is "surprised" by the 180-200K employment print tomorrow, then we might make a run for yearly highs near 1225 on the gap up open. Might be worth a short term fade at that point but a break over 1225 next week or whenever should lead to good times heading towards Christmas.
I bought a small smidge of TNA (3x small cap bullish) late yesterday (1.25% exposure) on anticipation of the potential nonsense tomorrow premarket. The market remains essentially unshortable; in the near term we move up our 'support' from 1172 to 1200 and buy the dip mantra is in place.
Long Acme Packet in fund; no personal position
x
Thursday, December 2, 2010
Bookkeeping: Selling Another 30% of the Acme Packet (APKT)
Posted by
Mark
at
9:46 AM
Bookkeeping: Selling Another 30% of the Acme Packet (APKT)
2010-12-02T09:46:00-05:00
Mark
Acme Packet|
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Labels: Acme Packet
Bookkeeping: Selling Another 30% of the Acme Packet (APKT)
2010-12-02T09:46:00-05:00
Mark
Acme Packet|
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