I am having a frustrating time with E-House Holdings (EJ); after we bought back a large exposure yesterday morning following a stellar earnings report; the stock has done nothing but sell off. I am confused by the reaction but the stock has been weak for much of the past month. Obviously a big player wants out or something else is going on. I don't know, but I'll respect the price action. We've been stopped out about 90% of our stake, almost all of which was yesterday morning's purchase around $20.80. Our stop out level was in the $19.60s, garnering a very quick 5.8% loss.
The chart now looks better suited for shorting rather than being long but we just tried that last week, with poor results as well. Until EJ gets away from this 50 day moving average I don't want a piece of it either way - we'll keep a very small long position while trying to figure out why one of the best earning reports of the season was completely laughed off.
Long E-House Holdings in fund; no personal position