Talk about relative strength; all through these past few weeks of selling Wyndham Worldwide (WYN) refused to either revisit its 50 day moving average nor fill a gap a sliver below that moving average. It took a selloff of yesterday's magnitude to simply push it back down to the moving average - but as I stated in another post - my limit order did not hit since I was waiting for the gap to fill. The gap was finally filled today, and my limit purchase order around $20.60 executed. This replaces the stock we sold on January 21st at $22.60. That was like pulling teeth.
Since the market is so iffy I am going to keep a tight leash, and place a stop loss at $19.75 which is below the intraday low of mid December 2009. In a sideways or upward trending market I'd give it more leeway. If you are a believer in relative strength like I am, this performance should bode well when the market regains its feet. This is the last stock in our portfolio to resist falling below the 50 day moving average.
And with that we are back to 1 material long position ;)
Long Wyndham Worldwide in fund; no personal position