Sold to close WNC
Sold 500 shares of WNC at $12.76. This closes the position originally entered on 5/2/16 at $14.24. Total return less commission was -$755.98. Return per share after commission was -$1.51.
WNC was downgraded by Stifel to “sell” and the stock dropped precipitously. It had broken through its 20 day SMA yesterday, and I was hoping for it to at least challenge that level again today. Instead, it opened much lower, below the 50 day SMA and proceeded to drop quickly below the 100 day SMA. I waited a while for bargain hunters to emerge to pull the stock back up, but none arrived. This was a stock that I had bought based on its fundamental rankings. Those do not reflect the forward looking call made by the Stifel analyst. Since the extraordinary volume (3x normal) gave further credence to the drop, I gave up on the stock.