I think we are on the same page for PMCS, Dave.
My position goes back to May, 1998 at around $20. I held PMCS without selling any shares until last Friday. The big jump to $86+ left me feeling that this advance was too much, too fast, vulnerable to a significant pullback. Thus, near close, I sold one-third of my position in the area of $82 5/8.
My intention was to buy the shares back after a pullback. And, in the event that the stock took off, I would not chase price but be satisfied with holding two-thirds of what I once had. When the price got down to $73-74, I set a Buy Limit target of $75 1/2, to be lowered if the price fell further down toward $70. The price held this morning and I bought back my position around $75 3/4. Now I'm back to my initial number of shares with more than a few thousand dollars extracted for the 'profit kitty'. At this point I have no 'sell' plans for PMCS.
[On the downside, I can expect $70 if PMCS 'fills the gap', but a price under $65 forces a re-evaluation as to whether there is still an uptrend intact. I refrain from selling when a stock hits an upside target, because I have no confidence in picking 'tops'; prices can always move higher. Thus my 'sell' strategies are all based on establishing when a normal price pullback becomes more than a 'normal pullback'. Sometime in the undetermined future, PMCS will become a 'sell'.]
I almost never look for 'trading' sells, which is essentially what I did for PMCS. But when a stock makes an extreme gain in one day, it does force you to consider whether it is overbought and then consider a sell/buy scenario. Tonight I'll have to consider this with BOBJ, up +$8 3/8 (21%), though it looks like a classic 52-week high breakout over resistance with very large volume. Chances are I just hold and watch it move up.
By the way, 'market timing' is never a consideration for me. |
