We initiated a new position in MSLI today. Our entry price was 2.60 risking .65% of our portfolio with an initial stop at 2.28. The % of our portfolio allocated towards MSLI was 5.28%.
You'll notice that MSLI has started moving out of it's daily setup which is why the position was initiated. The bottom chart shows the large weekly pattern which has developed over the past 7 years. Large patterns from weekly and monthly charts generally produce the best setups to trade. It's quite possible that we will add to this position if it continues to trend.
Current positions are trending nicely considering the little help we've received from the overall market. SUPN, LXFT, OLED, SYNA, ORBK, TNP as well as others continue to show strength. Today I want to highlight 2 stocks FLY and HABT.
I'm pointing out FLY today because of the constructive pattern that has developed. You'll notice that since the breakout, FLY has now set a flag resting nicely above the first move in late May. Volume is higher on up days and lower on down day which is indicative of a sound technical pattern. In this spot, a new position can be added which is why I'm highlighting FLY.
HABT will be removed from the portfolio tomorrow because it has closed below our initial stop price. Unfortunately HABT never moved in the right direction for us from the onset, which is why we must adhere to risk management principles and remove it from our open holdings.
Today was a very active day for the watchlist. We added 6 stocks and removed 4 stocks. CORT, FORM, GVA, NAT, TNK, & BSFT were all added today. RTIX, GILT, GSB, & EBIX were removed. The watchlist is updated with the most recent additions and ready for download.