I am cutting back on these names for identical reasons in all situations. Stocks that had blown through support and now have made their way back to a resistance area or very close; identical set up as we see in the major indexes. I will go with the same concept as with the indexes - if they jump back over these obvious resistance areas I will pay up a bit to buy at higher prices, but this will offer us stronger charts. And very easy stop loss locations in case the market and/or stocks fall right back down.
By doing this we are not selling into the "panic" or lemming rush, and are getting better prices - although these are all at some sort of moderate losses. If anything these charts are set up for low risk short side entries - but for now I am simply cutting exposure since everything seems to be hostage to the general market yet again. If the market is "happy" with the labor report Friday I assume almost every stock in the country will rally en masse, and vice versa. Student body left trading is alive and well.
Sold off another 75% of Brazilian chemical maker Braskem (BAK)