What's hot and what's not: on a percentage basis, today's clear winner was CMGI at 25%. It could go down that much tomorrow, too, but it pays to keep at least one mainstream Internut in your portfolio for days like this. I just a put a stop in back at CMGI's purchase price. Apart from a "no loss" rule I won't try and trade in this mania.
Surprisingly, the second place finishers were Tradin' Trash specials ERGO and NRAG up 12 and 22%. Recall that I mentioned yesterday that ERGO needed a big boost to confirm a breakout; I expect more upward movement in the very near future. Remember, ERGO has more than $2 cash per share on hand. Its breakup value is well over 50% above the current share price. NRAG is emerging from tax-loss selling hell as we wait for news from its ongoing ventures. Easy 50% from here and probably a double on the horizon with positive news.
Nice gains in WCOM, PLCM, KEA and IFMX. All except PLCM are current market darlings with upgrades all over the place and high volume.
Some of the kids refused to come out and play on Wednesday - BRKB, FLYR, FNDTF, KCS, MRCY, NGPSF and XYLN. I am close to stopping out of MRCY with a nice profit. I will hold in hopes that it reverses and heads back toward 30 but won't cancel the stop either.
XYLN, on the other hand, is one where I did cancel my stop order. It's a small position unlikely to go below my purchase price of 17 5/8, and the buyout buzz is growing. I don't want to miss 15 - 20 points gain in a buyout just to lock in a 2 1/2 profit days before big news happens. Worst case is I lose a few hundred bucks. I like the risk/reward ratio. |
