An Interesting Tape

I sold out of SGEN and PRTA, since smaller cap biotech has fallen out of favour. I booked a 5% gain on the former and a 2% loss on the latter. Moving on, I bulked up on RUBI and started a new position in LEJU, since tech continues to move higher. I like recent IPOs that trade below their offering price. It gives the market a clear target to shoot for.

I also put some new money to work, ear marked for long term holds. I won’t bore you too much with the details, as I do not intend to move those positions around for a very long time.

The market had every reason to sell off today, but it didn’t. There is a clear bid in this market and risk is certainly back. I particularly like those ‘roach motel’ type stocks, low volume, small float, high short percentage names, that were nightmares for longs when the market was going down. Now that the market is in short squeeze mode, expect to see those stocks gain volume and traction. Again, my favorite is RUBI. I like LEJU too, especially since Tencent owns 16%; but I haven’t had a chance to see it trade for too long.