John,
I would still rate IDTI a buy right now and stick with the 11.75 stop loss level. Two problems with my approach to picking stocks. 1)Because I am not doing it real time intraday I tend to pick where I think it will drop to as a buy point. Frequently because of a weak market or whatever, it blows right through the buy point at which time a reassessment must be done to determine if it is still a buy or not. This makes the system more of a dynamic approach, but when I post any picks the post obviously is static in nature. 2)The posting of picks and buy points does not take into account sector analysis...something which I am trying to add to my approach as we speak. Right now the SOX is holding above the important 300 level and if we close above that mark, it should probably be considered that we are moving higher again. This aspect, however, I am not yet real comfortable with. In essence, if you believe the index support levels will hold, then the stocks in that sector, if they meet their own parameters would be considered buys.
I still rate IDTI a buy and I would suggest that by waiting you have gotten yourself a better price than I will record for my paper portfolio! :)
Any discussion of index analysis along with stock picking would be appreciated.
Thanks,
-Scott |
