Almost needless to say, our bearish picks have been pretty productive while our bullish picks have been hit and miss... though that's the whole point of trading both sides of the market, particularly when it looks as if the market is trying to head lower.
Most of our open trades don't need any meddling, but a few of them probably need to be managed, if not exited. Here's what we recommend:
ICO Inc. (ICOC)
Good thing we had this short trade on our plate. The chart looked like it was pointed lower anyway, but the market's bearish phase certainly helped it along. As of right now, we're up about 10%, so we can effectively lower the trailing stop on this one now.
I think moving the stop all the way to the entry price of $2.70 is a little too aggressive, as ICOC shares peaked at $2.67 yesterday without even threatening to break the downtrend. Maybe we should set it just a little but above that mark. Your call.
TeeKey Corp. (NYSE:TK)
If you're still in this one, get out. The bearish parabolic SAR signal was triggered a few days ago, and the 20 day moving average line (one of the key reasons we were in the trade in the first place) was also breached. There's no point in being stubborn.
Of course, Murphy's Law dictates that TK will find support at its 200 day moving average line in a few days and will bounce higher shortly thereafter. We just can't afford to take on any more risk though.
Bank of the Ozarks, Inc. (NASDAQ:OZRK)
Let's go ahead and pull the plug on this short trade too, while there's still some profit left (about 5%). I don't know where it's finding these buyers, but I can't worry about that right now.
Management Energy Inc. (OTCPK:MMEX)
Don't forget, Management Energy's new ticker is 'MMEX'. It used to be MGMT, but was changed a few days ago. I'm not sure if I mentioned it, but the stock also split, 5 for 1. Therefore, our entry price of $3.91 per share has effectively become 78.2 cents per share.
With the stock currently trading at $1.09, we're up about 40% on this trade... more than enough to raise the stop to above break-even levels.
Trading remains pretty thin on this one.
That's it for today, but be sure to check the next newsletter for any additions or subtractions. Have a great weekend.