You can read more on the particulars here in an article I wrote for theStreet.com. Not included in that article that we bought early in the day so the average price, relative to the day was not good.
I write regularly about not succumbing to emotion with investing but that doesn't mean there won't be tough days. This trade was planned out when we sold in August when there was no potential for emotion and yesterday we executed a strategy that has worked for us far more often than not. This is a pattern we have traded before where we have sold some form of over excitement and then buy back in when things look less one-sided. This is not the only type of trade we do but is one we have done before, Statoil (STO) as one past example of this.
There was no precise reentry point in mind two months ago but the stock fell a lot in a short period of time and combined with what looked like panic yesterday made for a good time to execute the trade.
Where an actively managed portfolio is a series of decisions some of which will turn out to be right and some wrong. I say this on just about every post that discloses a trade and this one is no different.