Sell One-Third
Celgene (CELG)
from Cabot Market Letter, recommended around $100 in the February 22, 2013, Daily Alert and issue 738.
Rumors of military action against Syria rattled the markets yesterday afternoon, and the sellers unloaded on shares today, driving the Dow down another 170 points and the Nasdaq down a significant 79 points. After a few days of being on the fence, today’s action was enough to turn our Cabot Tides negative. ...
Most of our current holdings are still acting well, so we don’t advise moving into a heavily defensive stance. However, in response to the Cabot Tides, we will raise more cash tonight and place some of our stocks on hold.
We’re going to sell ... one-third of our shares in Celgene. Our long-term outlook for Celgene remains great, but after a big run this year, the stock looks like it may need to rest. We’ll hold most of our shares but take some off the table.
Michael Cintolo, Cabot Market Letter, www.cabot.net, 978-745-5532, August 27, 2013