This trade worked out nicely for us, if this is the not the big one ...
Friday we sold half our CNinsurance (CSIG) over $24 as we eyed a potential double top (bearish). One session later the stock has given back nearly 9% so we can get our holding back in full (plus I added a bit more exposure since we've sold so much elsewhere)
Here was the chart Friday
Here is the chart now
Quite a change in 24 (market) hours. I'm still wondering what that volume spike was all about Friday - huge.
If indeed we are about to get hit with a serious selloff, we can be out with a very defined stop loss just below $21... so we locked in some profits Friday by trading around a core position, and now with the rest of the position we are only risking about 4.5%.
I added just under a 1% exposure to our existing stake at $22; I'd actually be interested in buying more just over $21 but then have a stop to take us out of much of the position on a break below $21.
Long CNInsure in fund; no personal position