Not very heartening action in Blue Coat Systems (BCSI) this morning - the infamous drop 6% on no news on a positive day for the market. A week before earnings.... I've seen this story far too many times. Unfortunately the SEC almost never sees it. Let's keep today in mind if a disappointment happens on the 25th.
Always makes me think someone in the know is heading for the exits - volume is already 400K and this puppy does under 800K a day. I've taken a stop loss at $17.33 with about 65% of the position as the stock broke below the 50 day moving average. If there is not a quick rebound or it drops below $17 I'll exit the rest. I gave this one a very wide berth of 8% and it still triggered the stop. We're down to a 1% stake which could be punted shortly. Current price $17.36.
EDIT 11:45 AM - somebody really wanted out... as it fell below $17.00 the remainder of my position sold off (went as low as $16.66) before bouncing back to $17.10s right now. No position from here.
Long Blue Coat Systems in fund; no personal position