Your strategy sounds to be right on! After this last earnings day crash, I'll never stick around to ride that one down again. I've ridden many a stock through earnings day, and about %90 of the time they beat estimates but take a terrible beating. Never again.
I know PRFT was taken off the IBD 100 this week, and I put the list of all the new stocks and the ones they took off the list on my blog if you want them. http://dailybulls.blogspot.com Also BLUD was removed too.