I sold my CTX shares last week after the share price broke below $30.
CTX had a great run from 2009 - 2015 but has basically gone sideways for the last three years (even including dividends). Over the last several months I have become increasingly concerned about a number of things including industry headwinds, the outcome of the BP issue and some aspects of management's growth strategy (although I remain positive on CTX management generally). In effect, my conviction in CTX's ability to grow eps is no longer as strong as it once was.
Also, although I am no chartist, the last four months looks suspiciously like a downtrend has been established and I have learnt the hard way that fighting the market is a good way to lose money as any.
For now, I see better long term reward/risk opportunities elsewhere. That said, I will stay on the sidelines and if the share price gets low enough or other factors change for the better will take another look at the company.
CTX Price at posting:
$28.98 Sentiment: None Disclosure: Not Held
