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Changing Your Mind - Taking Profits
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After posting my posit in on FMCN on Cake Financial yesterday and claiming to have a "long term focus", I woke up this morning to a pleasant surprise. FMCN is up 15% at $56 on news that their internal audit is complete and coverage was initiated by Susquehana Capital at "Positive" (whatever that means, I am seriously not a big fan of analysts).
"The Audit Committee concluded that nothing has come to its attention."
This had been a major drag on FMCN's stock and now it has a free ticket to new highs.
It is my belief that having the ability to change your mind on a dime is an extremely important asset in the world of trading. This might be the only place where shooting first and asking questions later is required.
I sold my position in FMCN 10 minutes ago @ $56, FMCN's fresh all time high. Sure I believe it is going higher, but not before taking a breather. I am up 35% in a 3 short months, any more and I am just being way too greedy.
I am going to look to get back in at the $50 level.
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