$WIRE about to get tripped

Mar 28

I've been a long-term bull on NASDAQ:WIRE for years, and it continues to be one of my largest positions. Fundamentally, there's nothing that changed my mind about the company. I've listed some of the reasons I like the company in this mind, and they're as valid now as they were last October.

That said, I am thinking about reducing my position for a couple of technical reasons:

1. The 2x Fibonacci extension of the run from March 2020 to November 2021 is at $265, less than 2% from the current level.
   
2. The stock is about as far ahead of its 50-week SMA as it has ever been.
   

Again, I like this company long-term, and I down plan to sell more than half of my position. And I would absolutely buy back on a pullback towards $220.

Apr 1

Note

*...and I DON'T plan to sell more than half...

Apr 1

Trade closed: target reached

I sold 30% of my position just above $267. I had bought these shares in May 2022 for a little over $125. I still believe that this company with its fortress balance sheet, their strong market position and their excellent leadership will have a bright future ahead of them. I will reload on any substantial weakness.

Apr 15

Note

And here, folks, it is. The take-private offer from a private equity firm. I've been saying for years that this company absolutely SCREAMS for a leveraged buyout. I've sketched out the reasons in [this mind](tradingview.com/chart/?mind=vwuzPkhIQM6hjFdKcujzcg&symbol=NASDAQ:WIRE). WIRE certainly is an "old economy" stock, but their management team is world class, and they deserve huge credit for the juggernaut they have created. I would have loved to get a chance to buy back my recently sold shares, but it was still one of my larger positions. I'll be sad to see them go, but glad to bag the long-term gains.