Obviously our long exposure is not huge coming into the week at just over a quarter of the portfolio but I still want to make some adjustments, especially when charts have degraded. I obviously dropped 2 names yesterday first thing in the morning as their charts had turned for the worse late last week.
First, Atheros Communications (ATHR) despite a stellar earnings report and far better valuation than 80% of the things rising almost every day without pause has broken below the 50 day moving average intraday. Barring an invisible hand hockey stick recovery in the markets, it could end the day in quite bad position and being our top holding I don't want to take chances - I've cut 75% of the stake.
I am going to lock in some more profits in Lennar (LEN), 1/3rd of the position to lock in some profits - the chart is still fine, I just want to keep some of the unrealized gains on the books.
Cut Riverbed Technology (RVBD) exposure in half... it has come in nicely to a support area but I don't like that gap right below. If the market remains weak it should fill sooner rather than later.
In progress... still looking through all positions for other candidates to cull. Placing a bunch of stop losses on other positions which are still holding support.
Long all names mentioned in fund; no personal position