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Observation Update

Trade Summary

Yesterday, MITK was added to the portfolio at 4.49 with an initial stop at 3.82, risking .50% of our account value.  Total position size was 3.35%.  Today, we added an additional 1.50% to both ZIXI and MXL.  Entry prices were 5.30 and 16.50.

Position Summary

For the last several days, many our current positions had been consolidating recent gains.  During that time, we were looking for additional add-on opportunities.  ZIXI and MXL provided those chances today, both finishing the day to the plus side by more than 4%.  LYTS, as well as, MITK were up more than 6%, while IPHI and RTEC were near flat by the close.  Overall an impressive day for our current positions.   Click below to enlarge.

MITK Weekly Look

MITK made it onto the radar screen a few weeks back, and we held off for a few days to see how it handled the initial breakout above 4.  It made the test back to the 3.82 area and proceeded to advance higher which is why we chose to take an initial position.  In the chart below the pink line represents the max close over a 70 week period.  Over several years of observation, the 70 week line has been shown to be a good measurement to use in chart analysis.  You can see below how MITK's 70 week line stair-stepped its way down to the 4 dollar area before the price broke through two weeks ago.  We will be looking for a consolidation in the white box area to give us another opportunity to add to our position.  If the chart continues to trend higher, the next consolidation point would be between 6.50 and 8.

MITK151118w.png

Watchlist Summary

We will be adding ABTL to the watchlist tonight and removing any underperforming names. Currently OME is the standout from the watchlist that appears to have the most potential.  As we watch the trend progress, we will look for an entry opportunity. Below are the charts for ABTL and OME.  Click to enlarge.



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