Today was a two slaps on the face and a kick on my groin.
Market opened down and that pretty much set the tone for the rest of the day. The bullish harami became the bearish harami and transformed into three inside down candlestick pattern. A very bearish forecast and one not to be brushed away easily.
Seeing that I still had too much $PACB, I sold half to reduce risk. Later on, when prices continued south, I sold the rest just to get my peace of mind.
Early in the morning, I got carry-away with the $FB runner and bought a starter position for taking out previous day high. Like a sucker falling for the cheap trick, I realized this run was fake and immediately dumped it for small losses. Note to self- when you are in a general market down day, don’t buy anything no matter how tempting it is. Good thing I dumped it quick for the waterfall price action took place right after the day top was made.
Later on, I reduced my position size on $SZYM to reduce risk and locked in profit from prior entry.
$BCRX spiked up by last hour before market close due to news that this bird flu may involve human-to-human transmission. This is grave news and I wish that $BCRX’s peramivir can work effectively against this H7N9 strain. Naturally, I added more $BCRX.
Meanwhile, I’m getting kicked on the groin for my position trades on $AMRN and $LRAD. These two alone provided quite a bit of damage to my portfolio. Nevertheless, these two may also be the ones that will make my portfolio shines in the future. The Stock God is seeing to it that I suffer dutifully before being rewarded. This is how it always work. No one getting anything for free or without suffering. Because I haven’t averaged down, my suffering is manageable.
That is for the day.
AMRN, LRAD, TINY, SZYM, BCRX, APRI, CERS & 49% cash.
My 2 cents.
The trades I made in the journal were time-stamped in twitterIf you enjoy the content at iBankCoin, please follow us on Twitter