Bookkeeping: Buying Back some CNInsure (CISG) - Trader Mark

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Bookkeeping: Buying Back some CNInsure (CISG)
Oct 26, 2009 04:31 PM UTC

Trader Mark

Return	Risk
-7.00%	MID

Analyst

Profile & Performance

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Symbol	Sentiment	Start	Return	Closed
CSIG	n/a
CISG	n/a

Via Fund my Mutual Fund:

This trade worked out nicely for us, if this is the not the "big one" ...

Friday we sold half our CNinsurance (CSIG) over $24 as we eyed a potential "double top" (bearish). One session later the stock has given back nearly 9% so we can get our holding back in full (plus I added a bit more exposure since we've sold so much elsewhere)

Here was the chart Friday

Here is the chart now

Quite a change in 24 (market) hours. I'm still wondering what that volume spike was all about Friday - huge.

If indeed we are about to get hit with a serious selloff, we can be out with a very defined stop loss just below $21... so we locked in some profits Friday by trading around a core position, and now with the rest of the position we are only risking about 4.5%.

I added just under a 1% exposure to our existing stake at $22; I'd actually be interested in buying more just over $21 but then have a stop to take us out of much of the position on a break below $21.

Long CNInsure in fund; no personal position

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