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The investing strategy that is pretty close to what you are talking
about is the CANSLIM strategy from O'Neil, founder of Investors
Business Daily. He advocates getting rid of a stock if it has
fallen 7 or 8% from your buy in point.

CANSLIM is a strategy that combines fundamental analysis and
technical (charting) methods.
Here is the amazon.com link to his book.
http://www.amazon.com/How-Make-Money-Stocks-Winning/dp/0071373616/ref=pd_bbs_sr_1/002-8358824-9492034?ie=UTF8&s=books&qid=1186890173&sr=8-1

I personally have a very different strategy. I used stop loss orders,
but found they always stopped me out at exactly the wrong time.
Now, if I am bullish about the company I buy, and if I am bearish
about the company I sell. Other than that I mostly ignore short term
market action unless it looks like it is giving me a buying opportunity.

Chris - long lots of stuff including CMG-B, JNJ and VLO
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