I had added back to Riverbed Technology (RVBD) just last week in the $29.80s so much of this stop loss (60% of position) in the $28.40 area is the offset to that position. (4.5% loss) It just triggered in today's selloff.
Looking at the day's range it appears my price was the bottom for the day!
This will leave the fund with one position of serious girth, F5 Networks (FFIV) - longer term readers might recall the day the market bottomed (or the previous day?) in February '10 the last 3 of my material long positions all were stopped out. Not saying it's the same situation now but we're seeing a lot of stocks break key (50 day) support.
p.s. I plan (i.e. I am selling into the close) to sell the SPY puts I put on earlier in the afternoon into the close, not because I think the market is going up but I hate the premarket markup which can ruin a position for no good reason. NAV for fund should be near all time highs at the close today, so after a struggle about 3-4 weeks ago, the past 2 weeks have been a positive - especially relative to the market.
We still need to (a) retest recent lows and (b) have a very ugly morning of panic - to put in a more believable bottom but with the premarket games of "mark up" it is hard to get this to happen. I nice -2% premarket would actually be much more constructive to wash out the people we need washed out.
Long both names mentioned in fund; no personal position
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