Bookkeeping: Closing Gafisa (GFA)

By IBTimes Staff Reporter | January 11 2010 2:53 PM

Almost identical setup and reasons we sold Baidu (BIDU) Friday - except unlike Baidu we benefited greatly the entire year from the huge run by Brazilian home builder Gafisa (GFA) in 2009. Much like BIDU would be setting up for greater downside of the double bottom at $395 broke, the exact same comment for Gafisa at $30.

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At this point I will be more interested in Gafisa over $33, rather than down here.

We are exiting Gafisa completely after holding since March 30th (when the stock was purchased under $10!), in various weightings; only a (less than) 0.1% position was remaining. We were stopped out of most of the position December 15th at $32.30s.

As Ahnold says... we'll be back.

[Oct 21, 2009: IBD - Gafisa: What Housing Slump? Homebuilders Ride Brazilian's Resilient Economy]

No position

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