Written by Patrick McCubbin
Exact Stock Picks
Good Afternoon,
Technology companies led the stock market to its third straight loss Thursday after an earnings report from Cisco Systems raised more questions about the economy.
A weekly employment report that was weaker than expected also made investors uneasy about the strength of the economic recovery. The Dow Jones industrial average fell 58 points and now has an almost 380-point loss the past three days. The Dow has also fallen five of the last six days. The Nasdaq composite index had a steeper loss in percentage terms, a reflection of the drop in tech stocks.
Our portfolio performed fairly well today although we are only holding four positions. QuinStreet (QNST) fell off very quickly this morning then rallied nearly 8% off the lows. It finished up over 2% and we are holding around a 4% gain since our entry this week. When this market bounces again to the upside we should see a very sharp gain on this. We would like to see a little more upside volume, but overall trading has been very slow in August.
Our short position in Adtran (ADTN) fell off another 1.75% today. We are nearly break- even after this thing shot up on us. This may be a position we exit very soon and accept a very small loss.
Companhia de Saneamento Basico (SBS) had a nice move to the upside today. We have held this position for longer than expected, but the charts still show some strength so we are in no hurry to exit at this point.
BioScrip (BIOS) was basically unchanged.
We believe this move to the downside is once again overdone, but until we see some volume come into the market it’s difficult to determine a trend. Since our selections are currently based on overall market sentiment, we will need to see some sort of confirmation for us to enter more stocks. It’s about the quality of the selections, not the quantity.
We look forward to another great day of trading tomorrow. Have a great evening!
TEN Exclusive: Portfolio Update – 8/12/10 is an article from: 
