Today was a sell to close only and no buying.
Market opened almost neutral. A little tug or war here and there and then BOOM! price began to tank.
I saw $BCRX playing defensive right at the opening gate and I was going, “Wait a minute! Ain’t you supposed to gap up because of the dire news on possible human-to-human transmission?” No, the prices was having trouble keeping up on the high $1.9x area so I figured the situation in China might actually be better. Without further thinking, I started selling $BCRX by chunks and eventually sold down to 80% of the original position for a small losses. As time wore on and price didn’t seem to come back up, I sold the other 20% and called this gamble a breakeven.
Maybe, just maybe, $BCRX will gap up tomorrow without me. What? You think like this too? Hmm, this is a very common follow-up thought for a lot of people who have made up their mind to cut losses. The way I see it, if thinking like this help you to cut losses, why not? Half of the time when prices take a dumper after we’ve sold, we secretly pat ourselves on the back to congratulate ourselves on a job well-done. And the other half-of-the-time, we simply say, “I knew it!” There is nothing like proving yourself “right”, eh?
$APRI began to drop off and I immediately took action to sell as well. Following $APRI, I sold $CERS as well. Took small losses on both.
With general market continued to head south, I decided to reduce further my $SZYM investment as well.
After raising cash to 60% level. I called it a day and stopped watching the market. I don’t want to short because we may have a bounce next week due to 4/5/2013 support. And I don’t want to buy because I don’t know if the 04/05 support will hold. This leave me with a very comfortable cash position to wait it out. Let’s see what happen tomorrow.
I did not take a very active approach to the market or my contribution to ibankcoin this week due to my catching a flu earlier in the week; if some of you are thinking I’m running out of gas, not quite yet!
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