Several weeks ago I began following FMCN as part of a new category of posts which aims to follow a particular stock through a holding period (the stock may or may not be held in my SelfInvestors Model Portfolio or me personally). I will try and be good about disclosing this info. FMCN does happen to be a stock I have held in the SelfInvestors Model Portfolio as well as personally. Similar to what the overall market did while I was away, FMCN pushed higher with uninspiring volume and appeared to be finding resistance at around 70. This was never a position I was going to hold through its earnings report (which is tomorrow), so I was looking for exit point. Exiting a position is always a much more difficult decision than buying, but in this case it was really a no brainer. With some resistance near 70, earnings fast approaching and the market beginning to deteriorate it made sense to unload the position, which I did on May 12th at 67.79. This locked in a gain of 11.68% on my original $20K position and a 5.5% gain on the add on position of $7500. Not spectacular gains, but I’ll take it and watch the volatility after earings are reported from the sidelines.<\/p>\n<\/p>\n
Today’s Market Action ~<\/p>\n
This is the kind of action that can set up a capitulation move and mark a bottom, but we’re going to do need some fast and furious buying in the last hour. Should be interesting. Note that the Nasdaq has tested that support level I discussed yesterday, but the S&P and Dow are now in trouble as well. I’ll take a look at the Dow and S&P tomorrow.<\/p>\n","protected":false},"excerpt":{"rendered":"
Several weeks ago I began following FMCN as part of a new category of posts which aims to follow a particular stock through a holding period (the stock may or may not be held in my SelfInvestors Model Portfolio or me personally). I will try and be good about disclosing this info. FMCN does happen … Continue reading Focus Media Holdings (FMCN) Update<\/span>