Casuabon, there is still risk in this market (is there ever a no risk situation?), and in the case of SNDK, I think that $77 has to hold. Earlier today, I had to reduce exposure to 50%, for the simple reason that the Dow was showing serious negative divergence with the techs. Furthermore, I saw very little divergence between the tick and Trin on the OTC (that was corrected nicely toward the end of the day, but that is not enough to remove that risk). In any event I am left with exposure in SNDK and think it should hold, but if it does not, I'll admit that that was a bad selection (like XIRC on which I had my head handed to me) and take my losses. A number of the positions I sold I would like to reestablish if I see signs that today's breach of the Dow was an aberration. If it was not an aberration, I'll increase my cash position to 30%.
On the trading side here are the positions I am still in: NVLS, QLTI, CYMI (ouch), VECO, SSTI, RDRT (ya, I should have sold at $9-3/4, shoulda coulda does not count <g>), GMST, RMBS, SNDK, NSM and KEM. Oh, I did sell a core position, TLM at around $39, I think that either oil has topped and thus natural resources will be hit, at least a little, or that the market will be hit and oils will join them, so it made a lot of sense to take well earned profits off the table. I'll probably get back in if $34 will hold on a retrenchment, but this is not a trading position.
Zeev |
