The Cash…it’s Flowing

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Today was one of my best trading days of the year. I was up over 5%, and was aggressively banking coin. Immediately at the open, I took down positions in OREX, LXRX, and RBCN. I am typically passive during the first minutes of the market, but the cocaine like high that I felt through a rise in my USG, WNC, and SLCA positions resulted in me coming back for more. I was not expecting a breakout of such size in OREX, but it indeed happened. It spiked north of 13%, and I didn’t sell off any of my position. LXRX traded around aimlessly, and RBCN held its ground.

The market then threatened to head lower, so I took advantage of selling USG just off the highs for a nice gain. The stock could head higher to 30, but I was forced to raise cash in these now volatile times. I love the company as a fundamental play on the housing cycle, so don’t be surprised if I add it back. That stock pick was a gift to me from the Fly.

The watchlist that I posted yesterday was on fire today, as all of the names were ripping. They each finished slightly off their highs, in nice, flagging consolidations. I am trading those using the hourly timeframe, so my stops are pretty tight. The charts and tickers on the watchlist are found here. I think that they all have the potential to extend their gains, just beware that they have already made their initial moves. One name on the list that did not trigger yet is LPHI. The chart is coiled, and I will be stalking it tomorrow.

I ended the day with 25% cash, holding my new positions overnight.

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