Fundamental Analysis » Bookkeeping: Cutting Back Gafisa (GFA) Sharply

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Bookkeeping: Cutting Back Gafisa (GFA) Sharply

I am continuing to raise cash in this brutal market.Gafisa (GFA) is another favorite but it’s chart is setting up a nice situation to take profits and buy back later on strength. It is trading in the mid $33s. You can see resistance all over the place in the mid $30s. So I’ll be happy to pay “up” (pay a higher price) once Gafisa clears those resistance levels (traders above the moving average) - from where I am selling today that is less than 5% higher. That is a small price to pay right now - if the stock pulls back to upper $20s we could also buy back there. But right now we are in no man’s land and with the stock jumping 20% from last week’s low point I am going to scurry off like a rat with my crumb….
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