Security in MFEJun 29th, 2009 | By Bella | Category: General Comments, Mike Bellafiore's (Bella's) Blogs
MFE made an all-time high today. GMan was long seemingly all day. And we were deciding whether to add some above 42 and then hold. Let’s discuss.
We did buy more since the stock was so strong. This was an easy decision. And then we had to decide whether to sell when it slowed above 42. We held.
1) MFE moved easily above 42. There was no selling every penny that we see with a weaker stock.
2) MFE is at an all-time high so we give these stocks more room.
3) MFE was in an intraday uptrend so we are more likely to hold such stocks.
4) SPY broke below 92.60, a support level in the afternoon, but it was hanging in there.
5) MFE had been consolidating near this level since 12PM so this gave us more confidence to hold.
So as I write we are still long. We will add some more tomorrow if MFE shows strength above 42.10 and then 42.50. A seller below 41.85 will force us to reevaluate our position.
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