Written by Patrick McCubbin
Exact Stock Picks
Good Afternoon,
A very busy week of trading. Here is a recap:
We closed out six positions this week. Here is the bottom line.
7/27/10 – DXP Enterprises (DXPE) – 14.7% gain
7/27/10 – NetApp, Inc. (NTAP) – 2.3% gain
7/28/10 – Energy XXI (EXXI) – 7.15% loss
7/28/10 – Manitowoc Co. Inc. (MTW) – 4.94% gain
7/29/10 – TriQuint Semiconductor (TQNT) – 6.76% loss
Some good, some bad, but we managed a net gain of over 8%.
In this mornings newsletter we removed our stop-loss order on Cavium Networks Inc (CAVM). One of the dangers with a stop-loss order is that a stock can gap down at open and sell much lower than your stop-loss price. The earnings on the stock were better than expected but they didn’t meet the “whisper number”. We didn’t feel we should take the opening print because it would most likely be the lowest of the day. We finished up almost 3% higher than if we would have sold at open. We will continue to monitor this stock on Monday to determine a new stop-loss price. With earnings out of the way, this stock should climb back to previous levels.
We opened up one new position today, Atlas Pipeline Partners (APL). This stock had huge gains on very heavy volume this week. In fact, this stock is up nearly 80% in the last two weeks. In a low volume market this is a very dangerous position to remain long. We shorted 300 shares with a very conservative 6% buy stop.
The rest of our stocks are split evenly with unrealized gains and losses.
Although we had a good week, it could have been better. We got blindsided with a downgrade on TriQuint Semiconductor the day after we bought it. Cavium sells off steeply after strong earnings, and Energy XXI sells off 10% for no apparent reason then comes right back. But you know what, there’s no crying in baseball. No trader is going to be successful 100% of the time, but they must have a short-term memory and act fast when they are wrong. One huge loser can wipe out a lot of small gains. To the best of our ability at Exact Stock Picks that’s what we try to accomplish.
We want take this opportunity as we do on every Friday to welcome all of our new subscribing members. We want to thank as well as all of our current members for allowing us to help you in some small way profit in these uncertain markets.
Have a great weekend, and we’ll see you Monday morning!
TEN Exclusive: Portfolio Update – 7/30/10 is an article from: 
