FLY was removed from the portfolio on the open at a price of 15.17. Yesterday, it closed below the (yellow) trailing stop which is why it was removed. FLY was not able to develop a strong trend from the initial May breakout, therefore the yellow line was the preferred trailing stop to allow greater protection of our trading capital. If FLY can move above 16 then it could become a trade candidate once again. Until then, we will move on to new trade setups. We also did not initiate any new trades for the day.
As a whole the current portfolio of stock ideas is holding up quite well. A few are making new closing highs or attempting to make new highs. The wind is clearly in our face, but during these times our lists dwindle to a point were there are only a few trade setups. This naturally helps keep the portfolio out of the ditch. SUPN and FLML both moved out today and continue to trend well. For the time being, the blue line should be used as your trailing stop.
ANIP is a recent addition and is still trying to decide if it's going to move above 72 to start a new leg higher. Today, it tried to clear 72, but was unable to close above that price. ANIP might need a little more time to make up it's mind. If you haven't taken a position in ANIP then a close above 72 might be the time to act.
With the recent market action, the watchlist as seen several stocks removed from the list. Currently we are tracking about 16 names. There appears to be one serious candidate which is BEAT. Today BEAT made a new closing high and the move was made from a constructive consolidation of about 5-6 trading days. It's possible that BEAT will be bought on the open tomorrow. If that is the case, we will send and email prior to the market opening. The watchlist will be updated tonight with any new trade setups worth watching. Below is the chart of BEAT with a current close of 11.99 and an initial stop value of 10.54. Depending on the your risk%, this will let you know how many shares to purchase for tomorrow.