Today we removed ANIP from the portfolio at 63.32. We had initiated the trade on July 21st at 71.22, and ever since we had just been treading water. When earnings were announced ANIP opened lower on the trading day and moved under our initial stop value. Generally we'll wait and allow the stock to close below our stop, but ANIP was never on the plus side for us. When this happens it's best to just let the trade go during the day. We can always comeback when it moves above resistance in the 72-73 dollar area.
Well so far most of the stocks have held up during earnings season. FLML and ASC have both made it through with a little bit of turbulence. SUPN and OSIR are both on deck tonight and tomorrow. We'll wait and see if they are able to maintain their current trends.
We need to see ASC "get back on the horse" and begin moving towards prior resistance in the 14-15 range. This would be a good confirmation that our entry around 13 could act as the current floor.
XON is another stock that continues to trend well despite the market gyrations. It's now moved far enough from the entry that any exit would still leave us in the green.
Not much happening with the watchlist. We did add two new stocks which have been on and off again, RUDI and RTEC. RTEC is back again for a 3rd try at the 13.50 area. Currently the watchlist is sitting a little more than half full with 19 names. CRTO was removed today after closing down over 12%.