A lot of trades today.
There have some very strange movements in individual stocks the past few days - NCI (NCIT) today has moved 12% out of the blue (this was another general that has taken some bullets). It continues to look like there is not enough money to push up all sectors at once - all these leadership stocks in January completely lost their support as people ran to Chinese/tech/commodities.
In this market you have to take the trade or else the market will erase it for you. I don't see any news to push it down as it has been headed the past week, and I don't see any news today to push it up. Someone is playing with it... (nasty "double top" in this chart though)
Despite today's surge we are not making any money on it, I last added as it fell to the 50 day moving average - which it sliced through like butter. So we're just clearing the air with that purchase (take a minor loss) and then re-assess. There must be some rumblings of cuts in the defense department because a lot of my "US government/defense" type of stocks in portfolio and my watch lists have been hit over the head of late. Or its just HAL9000 doing his quant fund thing.
I took off 3/4 of the position lowering it from a 1.2% stake to 0.3% around $29. It's good to see it bounce off a long term moving average but the action is head scratching.
[Jan 14: Beginning Stake in NCI (NCIT)]
Long NCI in fund; no personal position
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