Restarting Bolt Technology (BTJ)

Well this small cap stock has been active on the blog the past 24 hours

I mentioned the nice write up by Zach Monday

then yesterday around 1:30 PM I closed the small position as it ran to $49

The volatility in the name has been amazing - if the stock pulls back to the low $40s, or about 15% down from here I will re-enter it, but I cannot get a handle on this name technically and my position now is so small ($4000) that even if it goes another 30% from here, it won't have much of an effect on overall fund performance. While pure technical traders would actually be buying a chart like this, I prefer to buy strong charts that have pulled back, not chase - hence why I am taking the opposite tact to a pure momentum trader.

by 3:30 PM it had fallen to $44

now it is down to $42. Good enough! You convinced me, I will buy you back, the stock is down nearly 15% in 24 hours (whew). Just bought 225 shares in the $42s (about $9600 or a 0.8% position), and I will see how it does here before I commit more; it does appear to have great support now at $41, but this stock has not obeyed technical support/resistance in the past so I need to get a better handle on its behavior.

Again this "daytrading" is not typical to what I'm doing in this fund, but when you get a 15% haircut (gift?) in the span of 25 hours it would be foolish to not take advantage of it. With this stock, though, we could be back at $35 by next Monday for all I know. The action is whip saw.

Long Bolt Technology in fund; no personal position