Out of Ancestry.com and Nexen

I sold my position in Ancestry.com (Ticker: ACOM) today at $30.10 generating a net loss of 7.91% from my most recent purchase. The market is telling me that there is probably not going to be a deal for this company. My overall loss from this position is 4.77% when I factor in my recent trades in and out of the position. It was worth a shot, but you need to limit your losses and move on. I actually like this company on a fundamental basis, but I entered into this position as a special situations play and need to be disciplined on my entry & exit strategies.

I also sold out of my position in Nexen, Inc. (Ticker: NXY) today at $25.91 and basically breaking even on the trade. This deal is going to take a long time to close. If all goes well, this will likely close in December, but if there are extended reviews you’re looking into the first half of 2013.