Scratching my head on AsiaInfo Holdings (ASIA) today - I bought a tranche yesterday in the $15.80s trying to build a long term position. It just spiked 10% for no reason I can find and ran into resistance, so I am going to sell most of the position... 10% in 1 session works for me. If you annualize that... err. Ok nevermind. Only a 1% stake however, leaving our 0.1% holding position - again I did not expect any sort of move like this hence we were building a long term position slowly. So back to square one.
It the stock breaks north of low $18s I want to be a buyer again (on strength) - the problem with ASIA right now is the fundamentals are fantastic but the chart is not. So for now I see a stock that has been beaten down and rallied into resistance. I want to use that to my benefit if the market hands me free money. Next ASIA needs to get back over the 50 day moving average. I'll add there (strength) or on the next Hulk Hogan leg drop (weakness). It is actually a low risk short at this moment around this price until it proves itself .. but I am juggling enough shorts at the moment.
Long AsiaInfo Holdings in fund; no personal position