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Observation Update

Trade Summary

Due to a power outage last night, I wasn't able to publish charts for yesterday's trades.  As mentioned in the email, GLD was added to the portfolio at 115.32 with an initial stop at 110.06. Total portfolio allocation was 21.92%, risking 1% of our total portfolio value.  The second trade sent yesterday was MITK.  MITK was added to the portfolio at 4.88 with an initial stop at 4.37. Total portfolio allocation was 4.78%, risking .50% of our total portfolio value.


With the pullback yesterday, GLD was added to the portfolio.  You'll notice on the daily chart three orange triangles.  This is the alert indicator that is generally used when once an individual stock had made an extensive run to tighten our stops.  It can also be an indication that a trend is ready to move strongly in a new direction.  This along with the positive trend change seen on the weekly chart were the reasons to initiate  the trade. 


MITK had remained relatively constructive during the most recent market correction.  You can see from the daily where MITK had attempted to move above 5 dollars, but was turned away twice.  The back and forth action created a constructive weekly handle and provided an entry point on the daily chart.  

Watchlist Summary

ORBC continued to move higher from last week's breakout.  Although the trade has been highlighted several times, it wasn't added to the portfolio as a long position.  If the overall market strengthens, and ORBC remains constructive, then a position will be taken.  Below is the current chart.  

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