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Wow, exciting market action as the DJ-30 drops 200+ points--if your always glued to the screen. For me, I was soundly asleep in Australia and while asleep my short hedges were working to stabilize the portfolio which is currently on a sideways trend as far as total equity curve goes. A nice surprise worth mentioning was Endocyte ($ECYT) which was the only long position in the green at 5%+ gains in what I believe to be in anticipation of weekend news.
Because I've been adding to the portfolio like crazy the past few weeks (including shorts which I never write about for good reason) and because of the bearish looking IWM chart, I'm starting to get a bit cautious so at this time I won't add anymore longs to the portfolio but I won't sell anything in anticipation either. Instead, I'm going to let the market dictate the direction and ride it--long side or short side I got both sides covered with the current positions.
With that said, I'm still nominating a best stock of the week which is Twitter ($TWTR):
This trade will be a bit of a departure from the norm as this is an IPO price play. The rule is quite simple: buy a stock once it surpasses the first ever trading day's high and Twitter stock is doing exactly that. I've had many success with this strategy ($YELP, $FB, etc.) so hopefully there's some money to be made and if not, hey it's pretty low risk if you're position sizing is tip-top.