(Click on chart to view it in full)
Kid with a Ruler
Some stocks are just easy to play with, with nothing more than a ruler. Hartford Insurance (HIG) had a surreal plunge on good results. And continued falling today as well to the trendline from last March. From there it made a nice clean bounce. I've added to my HIG position here, and it's the largest position at this point. Today's low would be the stop-limit. I plan to sell 25-30% of my HIG position in the 26-27 range.
Lesson
While the roller-coaster of the past two weeks is not within the Top 5 best rides, the emotional side of me (surprised that I still have that) was telling me to get out. If not entirely, atleast to cut down my long positions in half.
What stopped me was the experience from late October 2009. I had gotten out of a few positions at the absolute swing low. Getting out a few days earlier or later would have made a difference of thousands.
I did pare some of my positions today; but it was limited to those that convincingly failed the underlying technical case.
Have a good weekend!
Friend of Insulin
I'd bought some Amylin Pharma (AMLN) based on today's gap-closing action. A close above 20 would make this stock really take off.
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