11/14 Kelly Letter Topics
Weekly market review
The bottom holds
Big bounce volume
Recession projections
The magic midpoint
LevMark Timer holds
Crocs is dying
Hope for Goldman
Importance of retest
Last Saturday, I mentioned that UTStarcom took a big hit last week and plunged to 6% below our buy price. I wrote: "Looking to the downside, at 8% below our buy price I will sell half, with the other half to follow at 10% below." Unfortunately, we hit both of those, with the stock closing today at $14.26, 14% below our entry at $16.59.
I'll put this on the books with an average sale price of $15.10, a 9% loss, which you can verify here.
Meanwhile, I sold half of my Maxtor position at $5.30, locking in a 63% gain there. The other half is rising higher. Let's hope it sees $6 before sinking over the summer.
