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By Trader Mark
July 28, 2010 4:45 PM EDT
I will attribute this to nothing more than luck, but yesterday I sold 1/3rd of Polypore International (PPO) at $26.10 because it was 'extended', and today is has fallen to $23.70s. I am going to use this drop of 9% in 1 day to buy back what I sold plus a bit more. I was hoping for a 6%ish drop to get back in so this drop is a bonus - especially happening so quickly.
I'll add more if it can fall to mid $22s, and then cut back the position if it breaks through for safety reasons. This quiet name is outside the hedge fund dominanted "risk on, risk off" monolith and hence has been quite the excellent trading stock.
Boring day in the market thus far, but boring is good for the bulls - the consolidation of the big move up since mid last week can be done either via price or time. Thus far the past 24 hours its been mostly time.
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Long Polypore International in fund; no personal position
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