June 1,

I had a good May (+5%) and am looking to build on that  as June begins. However, some caution is now in order as there are now 20 stocks up  greater than +50% in a month.  I took to reducing position size on trades and exiting some positions.


VIMC.  Right of the bat a Gap. I generally view that as a sell signal for me.  Although this ran quite a bit after I sold it then reversed and faded hard. Anyway this was worth about .80 on average for my position. No complaints.

Entry: 1 14.99
Entry 2.  14.59
Exit 1. 15.40
Exit 2. 15.61

ONTY:
Gapped on positive breast cancer data.   This was a chart That I had like this weekend as this would fishhook on a daily. In addition, the monthly has staged a high volume breakout out

This stock is capable of some power.

Entry 1: 4.38
Entry 2: 3.84
Entry 3 3.99
(Avg. $4.09.)

I'm comfortable with my position.  Although the opening bar sank, ONTY stabilized around 4.00 for most of the day.   I took piece in A.H. as this is the type of stock action that precedes a gap. I'll roll some of my position out at that time.   As the opening 15 mins are most dangerous for stops.

SSNI: Nice little trade +13%
entry: 12.00
Exit: 13.59

HDP:  I feel like I bought this one too early (although My trade is essentially a carry over from the breakout of congestion at 25.)     I had my eye on that 27 level and with another failure and without 2 rest weeks caution is in order so I'll exit.

Entry: 26.53
Exit.  26.80
Exit 26.70.  This was a "protect equity close"

BOOT:
Despite my cautious stance right now, some moves are too powerful to ignore.

Entry: 26.68

May 30, New breakouts

UEC
Closed:
Entry: 2.90
Exit 2.93

I didn't trust the move in these type of stocks so as it did not break 3.00 I sold as it came in.

ANTH:
another one that faded a bid so I banged it out.
Entry5.28
Exit, 5.34

I did not this to go red on me so I  bailed.

VIMC:
Weekly breakout  at $14.01
Entires, $14.59, $14.99

MYCC:
22.76

HDP:
26.53

A couple of back test following the move.  

Closed VIMC

There was a new seeking alpha article out this morning accusing VIMC of fraud.  Given the environment where NQ fell off the table, I decided I no longer wanted anything to to with this trade-- A Chinese stock with fraud allegations is too risky to let this play out  I closed it for a .20 loss rather than wait of this trade to develop. 

Entry: 6.24

Exit. 6.20. 

OPEN VIMC

Santa Clause has cometh.  That said, I'm not crazy about buying breakouts here.  Given the sell off that we've had over the past few weeks, I believe mean reversion trades are the way to go.  VIMC fits the the bill.  It has a nice tight trading range, which was followed by an range expansion. If this going, It can move 20% or more. 

VIMC has set up nicely

Entry 6.24

Stop 5.50.

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.

PBYI Opened and stopped out, VIMC opened

I  had liked this set up from yesterday and after PYBI sold off in the AM and started bouncing back I thought I might present a lower risk set up for a continuation anticiapation type move.  Although I did get a bit of a push it subsequently sold off and stopped me out at 237.50

Entry: 241.67

Exit: 237.50 (-4.17, -.6R)

The moral of the story is that on a Continuation anticipation set up the stop loss should be looser.  I played it like a momo burst trade and got stopped on noise.  The loss was small next. 

VIMC

VIMC has formed a dragon  (set up 4) over the past two months.  It has since been tightening.  VIMC had earnings last night that were good but the stock dropped 10% nonetheless.  It then rallied back after bouncing on the trend line and the 50 week MA.  I viewed the reversal action given where it bounced as very positive.   I entered on the way up at 9.17.   I think a move to $10.50 is likely but I'm not going to give this much room to work.  It is either going right away or it can go without me.