Seeking Alpha

Market Shadows'  Instablog

Market Shadows
Send Message
Market Shadows: Group of writers and investors: Paul Price, Lee Adler, and Ilene.
My company:
Market Shadows & Cycle Editing
My blog:
Market Shadows
  • Sabrient Select Opportunity Portfolio 0 comments
    Jul 23, 2010 5:58 AM | about stocks: XRTX, TEX, MON

    July 22, 2010 -  Close Partials in XRTX, Sell Short FHN

    The market has shown remarkable resiliency, rallying whenever things look bleakest. Some good earnings reports and decent economic news helped further today. Nevertheless, this doesn't feel like the start of a new bull market, and I'm quite skeptical of the upside potential. So I want to be positioned with another short, particularly after closing two short positions at Tuesday's close (TEX and MON).

    First, I'd like to close another 1/3 long position in XRTX into today's strength. Although it's still one of the top rated stocks in our system, it just seems to be a bit sluggish, so I'll take another 1/3 off today at a price of $13.40 (9% gain from $12.30 entry on July 6). Recall that we closed the first 1/3 at the 10% profit mark on July 9. I'll hold the last 1/3 in anticipation of further upside.

    First Horizon National (NYSE:FHN) is a regional banking holding company. It carries a SELL rating in the Sabrient Ratings Algorithm, and dismal Company Outlook Score of 2 and Value score of 38. Furthermore, it has badly lagged the market this week and over the past 3 months. I am adding it as a Short position to the Select Opportunity Portfolio at a price of $11.23.

    I'll place a stop of a closing price above Friday's closing price of $11.79. 

    Best Regards,

    Scott Martindale  
    Stocks: XRTX, TEX, MON
Back To Market Shadows' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.