The computers came and nailed me on a stop loss in SourceFire (FIRE) in the $23.60s this morning. Then once they came and collected all our stock, they jerked the stock right back up to $24.00. Lost 80% of the position, and locked in a 8% loss; still hold about a 0.6% allocation. These computers are getting very smart - I am trying to place my stop losses at a wide enough berth away from a moving average so as to not trigger easily but the PhDs who program these things are like chess players, who know I am doing this.... if my stop loss was 12 cents lower I would of avoided this.
The low of the day so far is $23.54; HAL9000 wins in this case - if this is just a head fake.
Bulls will want to see FIRE hold the $24.25 area on a closing basis today; it has been acting horribly the entire week. Any close below $23.00 and we're most likely exiting stage right.
I've been pretty lax on stop loss orders since the market can only go up - so I'm getting a few others in for stocks that have been acting like SourceFire of late.
Long SourceFire in fund; no personal position