Weekly Recap

Saturday is when I plan to look back and analyze what went right and wrong for my portfolio over the last week. With the major indices recording 2% gains last week, I would have expected my portfolio to have rocked. Unfortunately, GRMN killed any chances for me to have a successful week.

Before we get to the analysis, I had two trades on Friday. I sold some of my PCP Nov150 calls on Friday morning after the stock moved higher past $150. There was definite buyer imbalance that I was able to take advantage of, figuring that the daily gain was unsustainable. This turned out to be a good trade as sellers eventually showed up relieving the pressure.

I also played golf on Friday afternoon, leaving the portfolio in cruise control. When I do that, I often place some stops and, this time, I got stopped out of the BTJ (at $42.00). You may remember that I bought BTJ earlier in the week. This is a stock I will be looking to re-enter on a dip, but locking in the scalp is something I don't regret.

So my only regret this week was "virtual". My virtual short of MTL would have been covered quickly on Friday as the stock powered it's way to another 52-week high. I am seriously impressed with its staying power and that is why you don't short great stocks. I learned something about the price action in MTL that will hopefully help me down the line. Right now, I am looking for some technical relief so that I can get long MTL again. Right now, the stock is not near a buy point.

Some may question why GRMN wasn't a "mistake". I certainly missed how far the stock would retreat on something I maintain is suspect sell reasoning, but by buying the dip with the cash I had available for moments like this, I have been able to lower my cost average and take advantage of the snap-back rally that happened Thursday and Friday. I truly believe that longs will close that huge gap between last Friday's close and Monday's open shortly where I will be able to take some profits and replenish my cash stash.

As for my other stocks, AAPL powered along and continues to look like it will go higher. SIRO is still ready to break out. NVDA took a downgrade this week, but rebounded well and used the "rest" well and created another legitimate buy point at $36.00. I didn't add because I am already overloaded, but may add some calls if GRMN allows me to free up some cash this week.

In addition, ROCM is buying time for the next move up and PCP held its own as well after some serious volatility for a sleepy performer (On Friday, the specialist took 13 minutes trying to open the stock and some retail buyer jumped the gun and pushed through market orders that executed trades at $160+ for a major new high that should be ignored).

One final thought: I need to remind everyone that my portfolio is not well diversified. I do this on purpose. Diversification protects investors and should be practiced my most folks. This is a rule that I do follow with my IRA accounts. With my trading account, however, I choose a much higher risk tolerance than most hoping for outsized rewards. This is one of the "Professional Drivers Only" automobile ad moments - Please exercise caution.