Sun closed the week out at $5.41 after dropping to $5.12 earlier in the week. The volatility continues apace. If you think it’s all straight up from here, you have fishing bobbers for eyes. There will be a time to own Sun again, along with some of your other favorite tech names, but that time is after the inevitable pullback. It will come and it might be big.
As mentioned a couple of weeks ago in this space (Jan. 21st – scroll down), I sold half of my position at $5.50. I’m still holding out to sell the rest at a slightly higher price, which I could have done shortly afterward but didn’t because I had my eyes on $6. After watching SUNW’s chart, I’ll be happy to get $5.70.
Do I intend to buy in again at a later date? You bet. It worked before and it’ll probably work again. Now with the dollar slide continuing on schedule, the Fed preparing to raise rates, and P/E ratios hovering at levels not seen since the iridescent top of everyone’s favorite bubble, booking our 60% three-and-a-half-month gain seems prudent.
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