Written by Patrick McCubbin
Exact Stock Picks
Good Afternoon,
Stocks struggled to a mixed finish Thursday as a two-week rally lost momentum. News of a retrenchment by FedEx Corp. also discouraged buyers.
Stocks have been rising for most of September, but on unusually weak volume as skepticism lingers about the economy. FedEx, an economic bellwether, darkened the mood with an announcement that it would eliminate 1,700 jobs in an effort to save its money-losing U.S. trucking business.
We’ve been talking about the markets trading at the higher end of the range, and the traders are feeling it. We were able to make a couple of moves in the portfolio though today.
We closed out our position in Meru Networks (MERU). As we stated yesterday the lack of volume was a concern to us to we tightened up our stop-loss in case the profit takers came in. That’s exactly what happened. We hit our stop-loss at $17 and got out of our 400 shares for a tidy 14% one week profit. The stock continued downward and was actually down another 5% after we got out. The moral of the story is, don’t fall in love with any stocks. Always get out with a profit.
We entered one new trade as well. We had been following DG FastChannel Inc (DGIT) since it sold off after a bad earnings report. It has since consolidated and looks to make another nice run. We picked up 2% since our entry earlier in the day.
The rest of our stocks traded within a thin range.
We have now posted profits in 27 of our last 37 trades, and 10 of our last twelve for a cumulative 60% in profits! It just goes to show that small trades add up quickly to large profits.
We look forward to another great day of trading tomorrow to end the week. Have a great evening!
TEN Exclusive: Market Wrap Up – 9/16/10 is an article from: 
