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March 26 2006
at 2006-04-04 01:40:35
As the 1st quarter winds down, I'm reminded of former NY mayor Ed Koch's catch-phrase, "How'm I doin'?" Well, your humble pajama clad blogger is up about 6.5% ytd, which isn't that impressive considering the lumbering S&P 500 is up 4.4% ytd, the NYSE Composite is up about 6.4%, and the Russell 2000 Index is up 11.9%. The drag on performance resulted in large part from premature exits in SKS, VMC, AKS, NTO, CDE, and GRMN.
GRMN was my worst loss of the quarter as I took a position after it gave every indication of a classic multi-month base breakout following a very good earnings report on February 22. No sooner did GRMN break out than tremendous selling pressure came in and the stock went from a high of 70.96 to a low of 63.66 before closing at 65.13 on record volume. Having got stopped out once during the session, I re-entered only to get stopped out again near the close as it dipped into the 64s shortly before the end of trading. It has since worked its way above 80.
Long positions in SIL, PRPX, GG, and ASTE were the best trades so far this quarter- providing about 65% of the profits.
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