Thursday, May 29, 2014

SFUN Closed out, BHI opened

So got the big red bar today in SFUN and decided not to wait to find out what it means out at 12.58 near LOD, love those.  But hit the entry very well on the move at 11.23 (1.35 or  12% for a week hold).

Reasons for Selling: Relatively large move down. The stock overall is still in a downtrend so the chances of it reversing and continuing that trend are better than average.  

Time will tell if selling was the right decision here.  This could be the beginning of a extended uptrend or it could resume what it had been doing.  But as I refine my profit taking criteria I do know that I would rather close out for nice profit than a loss.

BHI: New buy

I've liked the look of a lot of oil related companies and BHI is one such company.  It has had over a month of consolidation in a very tight range.  Today, saw a bit of a bigger move and some additional volume.  This type of action often precedes a bigger move to the upside. I'm not a fan of chasing stocks or buying breakouts as I would rather be in before the action heats up.

  Stop at 68 or just over 1R.

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