Portfolio Update - 10/15/10

Netlist broke out again yesterday, moving out of that large wedge pattern I've been tracking. I added back the half position I sold on Wednesday at more or less the same price when it became clear the stock was going to head north again and am holding the full position over the weekend.

The price is very likely to pull back within the upper bollinger band soon so I will probably look to take some or all off the table if there is a spike at the open on Monday. But I'm still eyeing this as a swing trade again as we head towards the Interop conference next month where NLST will have a booth in the Cloud Computing section of the Expo hall.

Another of my medium-term swing positions that I've held from 2.86 and through the red the past few weeks is FSI International (FSII) and patience is paying off there too with the stock closing almost at the highs today at 3.22. The trend remains up and hopefully we can get to the 200SMA around 3.40 before the full Stochastics peak.

I lightened up my short-term and day-trade positions before the close today, shedding TSYS, OMEX, ATEC and GIGM for more or less break even. My booked profits from NLST and JASO more than offset the small losses in GIGM and DYP so I was green for the week. I'm stuck in PEIX for now but a rising wedge is still in play there so I'll just bide my time. I'm holding spec play ABTL for now from 0.90.

Finally, an update on the stocks I mentioned in my previous post. The bull flag I highlighted for  AAU  may have been negatively violated in the last couple of days and it's for that reason that I held off adding to my position today around the 2.73 lows. The MACD on AAU has a bearish look to it right now so I may have to be patient here before I get back to green. In hindsight, the distance between the Bollinger bands might have been a clue that it wasn't about to break that wedge after all.

 CIGX's chart, one I tweeted regarding a rising wedge pattern, may offer better prospects of a basing/consolidating pattern than AAU, with the MACD a little tighter. Much will depend on the broader market but I'm hoping to see it start coiling back above 2.00 in the next week or so, but we'll see.

HAUP took a breather today, ending down despite tacking on gains intraday, but that's hopefully a healthy sign rather than a retracement back to the moving average support below around 2.40.