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Observation Update

Commentary

Thursday's Brexit vote brought quite a surprise to financial markets which resulted in indexes trading sharply lower on Friday.  As of this evening future's are down again.  I thought it best to put the stocks that are in the portfolio in an order of possible selling importance.  

MXL

MXL closed below its trailing stop and will be removed tomorrow.  

LITE

LITE has not hit its trailing stop, but it has also not been able to gather strength in the right direction.   Considering the current market environment, moving the position to cash would be the best decision.  If the trend begins to strengthen, we can always come back and establish a position.

Positions close to being removed from the portfolio - BERY, UBNT, FN

These three positions are close to being removed because they are sitting near their trailing stops or have broken below recent consolidation points. Depending on how they act tomorrow, they might be removed with MXL and LITE.

Currently farthest from being removed- SLV, GIMO, WB

SLV, GIMO, and WB are the three positions that remain the most constructive.  To start tomorrow, our attention will first be on the weakest positions and then we will concentrate on these three positions.  

It's very likely that this could be the beginning of another leg down for the markets.  If selling intensity begins to increase throughout the day, it might be best to step to the side completely and come back another day.  Our top priority is always preservation of capital first.  Preserving not only physical capital, but also mental capital will keep you fresh and ready for the next move.

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