Cleaned the Slate- closed BOOT, NLNK, PIP, RWLK,

In my opinion, the market is setting up for some downside.  I don't want to have as much exposure in positions that were not profitable or only marginally profitable.  So not a fun day but I can reset and wait for my set ups to form.

BOOT   Turned out to be a decent trade but nothing special

Entry: 18.09
Exit: 1 18.90
Exit 2: 18.64.
+.5R

Aftermath: And I prove again that I have no patience.  Although I would have had a tough time seeing all my profits disappear while it makes a secondary charged

NLNK.
After a few attempts at going higher, the bottom dropped out and I got stopped out.
Entry: $34.19
Exit $31.23
1.9R -- This one hurt as I nearly went to my loss limit.

So what went wrong?  I saw this as a pocket pivot trade from my entry.  I see now that I bought the breakout after a big red bar, which means this had not consolidated enough.  Consequently, the entire time I owned this it was still in the whipsaw phase.

Lesson learned, turn the page.

RWLK.  

Entry: 30.73
Exit 1. 28.90
Exit 2. 29.00
-1.4R


 PIP:
It finally broke its support at 1.70 and I had no choice but to sell.
Entry:
Exit: 1.68.
2.2R

This trade was never able to recover from the SIGA bankruptcy news that put the gap in . Up until that point it had traded pretty well.  I needed the court system to work faster, lol.  Didn't happen.
This was a special situation stock that I knew would have taken months had it worked, so I allowed myself a little more risk than my 2% rule.

Current Position Summary

As I've been turning over my positions pretty frequently its been a while since I've done an inventory and an assessment of my current holdings.   The market is showing some signs of tiring on the momentum front

PIP.  I have a small position in PIP.  PIP is a fundamental play. It got hit when SIGA a company that PIP beat in a lawsuit that will be worth 200+ million to PIP declared bankruptcy.  This is not a bad thing as it just stays enforcement of the judgment pending SIGA's appeal, which I do not believe is likely to succeed since it will be determined on an "any credible evidence" standard.

PIP as the largest creditor has tremendous influence in the Bankruptcy court.  The parties are currently mediating the dispute and I believe that it is likely that the parties do reach a resolution as the Delaware state judge will issue a decision any day now.  PIP would also have the ability to credit bid if it successfully defends the appeal and could wind up winning SIGA at auction.

There are risks that I could still get hit on tax loss selling.  And I am certainly cognizant of that for my own purposes.

NQ: I waited until the selling was exhausted and then bought at 7.04.  I've caught a 10% move before NW pulled back a bit today. I'll give it 1 down day but if forward progress doesn't resume tomorrow I'm protecting my profits.

RWLK: It just keeps coiling tighter.  This is going to go hard-- I just hope it goes in my direction.

NLNK:
This had looked like it was going to be the perfect pocket pivot.  The day after I bought it was even trading up premarket on volume. It then got hit with some vicious selling but held the gap and my stop.  Rallied the next then sold off.    For better or worse, I still have hoes for this position but another down day would knock me out of this position.

VIMC: new just added. BOOT: partial closed today.

New position: PIP

From my watchlist,  I picked this little gem as it broke out of its pendant.

Here's what I like about PIP.

It just won its court case but its damages were not awarded yet.  On the low end, (SIGA's position) it stands to be awarded 50 Million.  On the high end it could be awarded up to 500 Million.   It's sales were 14.5 Million and its market cap is just 124.21 Million.  Point being, regardless of the number that is awarded, it is huge for this company.  The number should be announced by the end of next month.  I anticipate the reaction will be huge.  Stop < 2.00.  where the gap was tested.