Bookkeeping: Selling Most of Braskem (BAK) on Quick Bounce

 @ibtimes
on December 22 2009 3:20 PM

We just purchased Brazilian chemical maker Braskem (BAK) last Friday and already the stock is up 9%; certainly not what I expected, especially since the Bovespa index has been weak since.  Somehow we caught a stroke of luck here - other Brazilian stocks are not doing that well.  

I did not enter this position expecting a quick trade, but I am going to take what the market hands us.  Since we have such a nice gain in a matter of days, I am going to take profits on almost the entire position and then buy back on (a) a pullback or (b) a breakout over $17.  As I look at the intraday chart today, at 1:30 PM the stock jumped from $16.20s to near $16.90 in a matter of minutes on very little volume.  That seems shady to me.   If it can get over $17 I will be proven wrong... happy to take my 9% for 2 days work and re-assess. 

Long Braskem in fund; no personal position

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