Written by Patrick McCubbin
Exact Stock Picks
Good Afternoon,
Stocks have tumbled after two disappointing economic reports once again darkened investor’s view of the recovery.
The Labor Department said Thursday that claims for unemployment benefits rose unexpectedly last week. And the Federal Reserve of Philadelphia said manufacturing activity in the mid-Atlantic region has dropped during August.
The Dow Jones industrial average fell 144, or 1.4 percent, to 10,271. The Standard & Poor’s 500 index fell 18, or 1.7, to 1,075. The Nasdaq composite index fell l36, or 1.7 percent, to 2,178.
A good day in the portfolio today. With as much overall selling we had in the broader markets our stocks held up and show great strength going forward. We are still basically holding an “oversold” position in the short-term, so most of our stocks are long at this time. We believe today’s selling could have shaken out most of the weak hands. By no means are we advocating a huge upcoming rally, but if we can get a nice day tomorrow we can really capitalize on some of our positions. It’s all about the swing trade.
QuinStreet Inc (QNST) had another strong day today. Although it only finished up slightly, it had tremendous volume and was up quite a bit higher in the day. There is something going on with this stock and a strong rally in the markets will make this a very profitable play. We currently hold over an 8% gain on this position.
We entered a new position today, LogMeIn Inc (LOGM). This stock was errantly sold off after earnings a number of sessions ago, and has made a nice move in the face of an oversold market. We expect this to assume new highs once the buyers re-enter.
Our only stock that went against us today was BioScrip (BIOS). It was down over 3% but on light volume, and we are still break even since entry. We still feel good about its potential.
Since June 1 we have hit 20/28 winners which is a 71% rate, and we are up 43% cumulative overall in the entire portfolio. The S & P 500 is down 14 points in that same amount of time. If you combine your plays with the overall trends of the markets, you will make money!
Have a great evening and we’ll see you in the morning!
TEN Exclusive: Portfolio Update – 8/19/2010 is an article from: 
