18 July 2006: Good News/Bad News on BRCM and GOOG
As I mentioned in previous posts here and here, I had swing positions in Broadcom and Google pointing in different directions.
My long on BRCM (position based on daily chart) got stopped out yesterday:
My stop had moved up to 27.60 based on Friday’s low. Yesterday (Monday) morning, it spiked downward right off the bat, stopping me out. It proceeded to rally back above 28, and I was worried I was getting whipsawed and may need to re-enter. As you can see, it trailed back down by the end of the day. Best to move on. Will Continue To Follow, as they say.
The other swing trade I mentioned was a short on Google. This one is based on a weekly chart, which makes it lower-maintenance but also a great exercise in patience. You want to jump in there and move your stop or noodle with things every day, and you just can’t. Micromanaging longer-term positions is a no-no. It completely defeats the purpose.
After I heard about Yahoo’s bad news this evening, I hopped online and checked a quote:
Sweet. Just plain sweet.