We tried to jump back in to Starent Networks (STAR) post earnings at $24 [Jul 24: Bookkeeping - Beginning to Rebuild Starent Networks], but it was weak again yesterday and again this morning. I placed a stop loss order below the 50 day moving average - it might of been too tight at $22.72 but that hit this morning as the stock fell to $22.52. So we're out of 90% of the position and with the 1% exposure we bought Friday we lost 6%. With the other 0.4% we sold we still had some profits from much earlier purchases. Current price as I type this is $22.63.
I continue to like the story fundamentally and many times around moving averages you can whipsawed, so we'll see if there is a rebound back over the 50 day. Even if I like the fundamentals I'm remaining very strict on stopping out if the technicals show even faint signs of weakness. So for now we've taken it down from a 1.5% exposure to 0.1%. There does appear to be a small gap in the chart around $21.70ish.
Long Starent Networks in fund; no personal position