"The one fibbonacci thing that does work is that stocks go up in 3 steps, and down in 5. No idea where I read that, but there is a certain truth to it."
This is not fibonacci.. this is Elliot Wave...
and its up 5.. down 3
:)
"The premise was to invest in high beta stocks while trying to limit my downside exposure in the event of a stall or downturn"
Hehe.. I guess he forgot about this part...
I thought you were supposed to let your winners ride.. not your losers :)