GMI: 3; GMI-R: 6; NASDAQ100 weakening; hedging bets, own SOHU
The GMI and GMI-R are unchanged, but the internals are weakening. There were 90 new highs and 81 new lows on Tuesday in my universe of 4,000 stocks. I wrote calls on my growth stock holdings and hold options on DXD. I am waiting for a strong bounce at the end of the quarter in late June to get out of my remaining longs. A close of the QQQQ below 48.56 (now at 49.13) would trigger a short term down-trend in that index. One stock I like and own–SOHU.
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Greg added these pithy words on Wed, 6-4-08 at 12:08 pmI have been watching SOHU go up since it’s breakout in early May. Of course I missed the breakout and have been watching it ever since. Do you have any suggestions or methods you can share on how to get into a stock like this one (fast moving) and still protect yourself with a stop or some other method. I currently limit my losses to 1% of my portfolio value.
Sincerly
Greg
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