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Bookkeeping: Selling some Overextended Charts
Mar 27, 2009
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EmailI see so many overextended stocks; I can't shake a stick at them all. If I had bigger position sizes I'd be pruning left, right, and upside down. Since my position sizes are relatively small the danger when I prune is my portfolio turns from net long to net neutral or indeed short. That said, I am tossing some of these positions that have run, run, and run with no rest - cutting about 1/3rd to 1/2th and looking to buy back when they fall to any support area. On the positive side, these are now buy on dip charts. Here are two such examples
I think even the most gorged bulls would concede it would be healthy to pullback some, and consolidate before making their next run. So many stocks have little near term support now because the charts have become so extended.
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