Bookkeeping: Cutting Back Perfect World (PWRD) - Again (EDIT: Closed)
Aside from not participating in the rally today, Perfect World (PWRD) seems to be forming a very rare technical pattern called "Annoying Me to No End". It constantly crosses back and down over the 50 day moving average whipsawing us in and out, and bleeding us out of positions with small but constant losses.
I could be making phantom shapes up but it appears to be forming a descending triangle, from which it will either break out or break down from. That, combined with its "hovering" near the 50 day without making a decision has me cutting back the majority of the position (yet again) until it makes up its mind. I've sold about 85% of the position in the $43.20s.
At this point I don't see myself adding back unless there is a clean break north of $46, and I'll probably close out the position completely below $42.
EDIT 12:15 PM - with the reversal in the market, PWRD fell below $42 so I have closed the position completely as mentioned above.
Long Perfect World in fund; no personal position
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