Over the past week, I've been posting concerns that the market was on edge of a significant pullback. However, at the same time, I continued to screen for longs. Until today, I've been heavily in cash just in case the reversal did occur.
I'm still cautious that the market has topped but I can't ignore what the market is giving us... slow turtle move to the upside.
Current positions:
RNWK - I picked up some RNWK last week at 4.91. At this point, I'm flat, but I do like the strong bounce off of SMA50. Only concern - weak volume on this move back up.
CPSL - I sold 1/2 of my position today at 2.18 for 3% gain. I will continue to hold the second 1/2 as long as 2.12 supports.
MNI - I added MNI for a swing here today at 5.14. chart
DPTR - Long at 1.49 - I like the volume and possible MACD positive cross tomorrow.
VVUS - Long at 9.06 - chart.
ANPI - Long at 1.20 - chart
EGHT - Long at 1.48. I like the volume and move through last week's highs.
That's a quite a few positions (48% cash)- all swings long. Of course, if the market gaps down tomorrow, I could be in tough position. It's very important to know what you're going to bed with. Some of these are a little riskier than others, but I look to continue the swing long to the upside in a few.
Let me know if you have any questions.
