Bookkeeping: Adding to Intuitive Surgical (ISRG)

By: TraderMark Friday, May 16, 2008 2:53 PM

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This is purely a technical trade but I am adding to Intuitive Surgical (ISRG) north of $300, as the stock has broken back above the 50 day moving average, after building a month long base. Volume is also picking up. That's about as smart as I get on the technical analysis side. I'll completely reverse this trade *if* the stock breaks back below the 50 day moving average - this is a nice low risk entry point to me. If this is the beginning of a move, we are good. If it is not, we take a small loss (about 2%) and hunker back down awaiting this puppy to get jiggy with it. In this market, at this stage of mania, I am keeping a tight leash on new buys... if they start misbehaving they go away quickly.

This moves Intuitive up from 1.2% of portfolio to 2.0%, and if we see more strength, I'll add more from here. Purchases made around $302; I'll exit this buy if it falls back to $295 or so...

(Apr 18: 2 New Positions - Intuitive Surgical and Morgan Stanley)

Long Intuitive Surgical in fund and personal account

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