Today was a recovery day.
Market opened with a yoyo fashion.
I like The Fly’s thesis on $IMMR and the chart looked good. I bought after the open. As price continued to advance, I added more. Alas, it didn’t last. As price started to turn and took out the $14 support line, I began to wonder if I had bought too early. Once price dropped below $13.80, I had it. I reduced position size to cut losses and wait for better climate before jumping back in with both hands. I like the fundamental thesis but not enough to hold it as a position trade even though this is a position trade for The Fly. In summary, even though I picked a stock somebody like, I still need to trade it according to my own style.
$SZYM continued to run higher after open and I added without hesitation. When it took out the $10 resistance price line, I added more as well. Seeing that price action is still positive after the cup and handle breakout, I feel more comfortable holding this one without taking quick profit for now. I may hold this as position trade if price continue to advance higher.
I saw RaginCajun’s alert on $TSL and $YGE in twitter and decided to jump in on $YGE because I traded this one before. The risk was low with stop below yesterday low; hence my easy quick decision to jump in after seeing the alert. Price continued to advance after I got in so I added more. I started using a trailing stop to protect profit seeing that today is Friday and I was fearful of an en masse profit-taking that would take away my profit when I wasn’t looking. After getting stopped out, $YGE headed back up before close. Oh well. I’m not going to complain about taking profit from a swing trade.
$TINY earnings report reflected that their book value is higher than its current market cap. Seeing that the market would eventually take price action back to the book value, I added more. Unfortunately, price action decided to take a yawn and went back to sleep. Oh well, since this is my long-term position trade, I left it alone.
I saw $AAPL price action tracking in negative territory even though the DOW had recovered back to positive area; this was not a good sign per my book. I decided to buy a June 7th 455 put option for a roll-the-dice play. Let’s see where my dice rolls Monday morning.
Meanwhile, $AMRN, $LRAD, and $SZYM were all trending higher today. Because I’ve large position on these three stocks, my portfolio recovers nicely today.
Current holdings:
AMRN, LRAD, SZYM, TINY, IMMR and 38% cash.
The trades I made in the journal were time-stamped in twitter
If you enjoy the content at iBankCoin, please follow us on Twitter
