Stopped Out on SiRF
Yesterday, I was stopped out of my position in SiRF Technology (Nasdaq:SIRF). The stock sold off on very high volume, due to rumors that one of its largest customers in Asia is experiencing soft sales, and broke below its 50-day average in the process.
I don't know if those rumors are true or not, but the action in the stock was pretty bearish. Given the high valuation that SIRF trades at, it could experience a correction at any time. I elected to to stick with a tight 10% stop-loss, which was triggered. I plan to keep my eye on the stock to see if and how it corrects, with an eye toward repurchasing at some point.