Good Afternoon,
Stocks slumped to a weak finish Monday as lingering worries about the economy overcame optimism from a fresh round of corporate deal making. Stocks had an early lift after Hewlett-Packard Co. bid 33 percent more than rival Dell Inc. for a data storage provider, but the gains faded quickly. The Dow Jones industrial average was up as much as 91 points in early trading but turned mixed for much of the day. A slump in the final half-hour of trading left the Dow with a loss of 39 points. Despite the positive deal news, a number of worries about the economy are keeping a lid on the market, especially a reluctance among companies to create jobs. Stocks had a two-day sell-off late last week after first-time claims for unemployment benefits jumped to their highest level since November.
Our portfolio had some movement, but the limited volume and lack of commitment on both sides made most stocks trade within a tight range today. We are going to have to see more action in these markets in order to make quicker, more profitable trades.
BioScrip Inc (BIOS) had a nice move of over 3.5% today. This stock is ready for a breakout given the right conditions.
QuinStreet Inc (QNST) had a bit of a sell-off today, but the charts still look strong. Volume has dropped the last couple of days which has us a little concerned. We would like to see volume accompany its next move forward. We’re still up nearly 6% on this stock and still see explosive potential.
T 3 Energy Services Inc (TTES) is one of our concerns. It has now broken support. If we can’t get any buying interest in this we will most likely hit our stop-loss. Tomorrow will most likely determine the outcome of this play.
The rest of the stocks in the portfolio stayed within a tight range.
We are hoping that the end of August will usher in better trading volume and volatility. Although volatility can be dangerous, it will allow anomalies in the form of stock pricing. That is where we will be able to make more profitable plays. We are still up nicely the last quarter, but expect much better results when these two forces come together. It’s best to stay patient than to make erroneous plays.
Have a great evening!
TEN Exclusive: Portfolio Update – 8/23/10 is an article from: 
