Personal Portfolio Play: August 20th, 2008
August 20, 2008 – 8:57 amI have been following Cummins International (CMI) since Jim Cramer recommended it on his show a few months back. Got to love the Cramer effect 
…. This is why I bought in:
We have a converging triangle formation and saw a downside breakdown yesterday. Lets see this company fall.
Bought some October 60 puts this morning at $66.33 and it has been plummeting ever since. There is a huge sell off this morning in all of the indexes except we are viewing some strength in the NASDAQ. All my puts are making money! If you guys followed my idea to call Companhia Vale do Rio Doce (RIO), the calls have been doing nicely.
I decided to sell off my stake in General Electric (GE) for a bit because I feel it has a chance to take a big hit in the next month or two. The break in the Dow Jones Industrial Average ascending wedge, GE’s heavy weighing on the index as well as 40% of its company being financial based was my theory to sell for the time being.
Gotta run guys! The day is young and many trades to be made. Thanks for reading
-Justin Moon, Senior writer for Marketchasers.com