I was busy writing a post and didn't see E-House Holdings (EJ) fall right to support; should of had a limit order waiting there near $20.50. Instead we will pay up a bit here around $21.10 and get the position we sold off earlier in the week back. The position size is similar to what we let go, about a 1.5% allocation and as mentioned earlier today this is a very simple set up from a technical perspective - the 50 day moving average sits below us and we'll stop out a good portion of this position on any break below it.
EJ's spinoff - China Real Estate Information (CRIC) is off to a solid start this morning, up 13% as I type.
- China Real Estate Information Corp (CRIC) shares started trading at $12.32, up 2.7 percent from the price in its initial public offering, and quickly jumped to $14.19, or up 18.25 percent, in their debut on Nasdaq.
- The company, a Shanghai-based unit of real estate services company E-House China Holdings Ltd (EJ), raised $216 million in its IPO on Thursday after selling 18 million American depositary shares for $12 each, within the estimated range of $11.80 to $13.80.
- Shanghai-based China Real Estate operates a database that held information on about 38,200 developments or buildings and 24,200 parcels of land for development in 56 cities in China as of June 30
Long E-House Holdings in fund; no personal position