5-3-12 Close Comments
Today was not a good day in the market. The morning started with VRX breaking out and then it quickly got hit by a large wave of selling. The NASDAQ closed below both the 21-day ema and 50 day moving average giving us two market sell signals (S5 and S9). This reduces our exposure count to +1 (30% invested). This is a large move down from going in at 75% this morning. I sold FRAN and URI in my own portfolio but I am still over subscribed with the remaining stocks: ISRG, LNKD, KORS and FET. My LNKD position is a 30% position so I will either sell all other positions tomorrow or half of LNKD and some of the others. LNKD reported after hours and has popped up 8%.
Mike Scott
Cloverdale, CA