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Yesterday, I mentioned we only had 4 material long positions. We can make that 3. And by the end of the day it might be less, pending if some stop losses hit.

Through no fault of it's own, just a ratty stock market, Atheros Communications (NASDAQ:ATHR) finally seems to be taking its required hit. It has now broken below the intraday lows it reached during the heavy selling last Thursday, Friday - which tells us it is time to pare back. I am selling 2/3rds in the $31.80s and taking some moderate losses. We'll shuffle that money into the cash account and twiddle fingers in the meantime.

I'll be interested in a return to exposure if Atheros jumps back over the squiggly blue line or (could it really happen?) falls to the squiggly green line.

Author's Disclosure: Long Atheros Communications in fund; no personal pos

Source: Cutting 66% of Atheros Communications