HedgeFundLIVE – The last couple of days I have been trading strictly heavy volume gainers and decliners in the same fashion I described in a previous blog, Click Here. I’ve been looking for names that are breaking out or breaking down on heavy volume, I start looking for the names and once they meet my criteria I hope 50% of our max position on at that time. I revisit all new positions at the end of the and if the positions are working I double the position taking it up to max value. In regards to stops, the stop is always placed at the low of the breakout day and once the name is in the green by 5% the stop is trailed up the corresponding day’s low.
Either way the last couple of days the performance hasn’t been the best as we are down roughly $1,000 as we have been net long for the last two selloffs. Today the book finished down 43 basis points underperforming the S&P 500 which was down only 28 basis points. Although the performance wasn’t the best there were a couple winners in the bunch, BLTI, REE, HHC and WBMD all worked in our favour. Biolase Technology (BLTI) closed the day 13 cents off the high at $6.16 up 6.94%, Rare Element Res (REE) closed the day up 4.79% after benefiting from Molycorp’s (MCP) after their price target was raised this morning. HHC and WBMD both worked to the downside today as we saw continued selling in Howard Hughes (HHC) which closed the down 6% well off the intraday lows and WBMD slowly bleed lower until closing on the lows down 2.09%.
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