We chose to remove LXFT today which was our oldest position in the portfolio. As this market turned extreme to the downside, we chose to tighten our stops on a few trades and LXFT was one of those trades.
LXFT was removed at 61.88 once it went below the low of last Thursday's breakout day. The traded netted a 50% plus gain and added just over 3% to our bottom line. When the market comes back around and new candidates are emerging, I wouldn't be surprised if LXFT is a name of the list.
With the knife drop in the market today, it appeared much worse from an index standpoint then it did from our current holdings viewpoint. We've opted to maintain our current positions to see what might happen on Monday. It's possible that we might see a move back the other direction but that move back should probably only be viewed as relief from the current selling pressure. If every open position were to hit our trailing stops, we would be looking at a total portfolio loss of around 3.5%.
Naturally the watchlist is in reset mode with the latest move down in the indexes. This is actually a good situation in the long run. Hopefully, a correction that works back and forth for a few months will allow many stocks to set up constructive trading patterns. Try to look at moves down as your next opportunity to find great stocks. It happens every time.