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By Trader Mark
August 20, 2010 3:05 PM EDT
I will confess to not understanding the big move today in Salesforce.com (CRM) - I have to assume it's some sort of short squeeze because the results did not strike me as super impressive. Due to the big gain today (+13.5%), plus a smaller size position after cutting 2/3rds of it yesterday I am going to sell all but a cursory position and then see if I can rebuy in the future on a pullback near today's gap. If not, other fish to fry. If the overall market were in a better technical condition I might have considered adding to it and riding the "momo" trade but not at this point. I assume if the S&P falls to 1010 in the coming weeks I'll be able to rebuy some of these best of breed at levels they were before their earning reports.
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Long Salesforce.com in fund; no personal position
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