Don't pay dollar to keep 2 cents when wrong. Cut your losses quickly. Trade what you see, not what you think.
Joined Oct 26, 2011
719 Blog Posts

Today Portfolio Adjustment (05-28-2013)

Today was a slaughterhouse day.

Market opened higher and everything was going honky donky, right?

Nope.  Not for me.  I was being cut three ways to sunset.

The first cut was $AMRN.  So $AZN decided to buy $OMTH instead of ponying up a premium for $AMRN.  Well, I think you get what you pay for still apply here.  $OMTH is still a developmental stage company so $AZN has more work to do.  Regardless of what I think or anyone think about the superiority of Vascepa, market did not like the news and punish $AMRN instead.  Who am I to argue?  Therefore, I sold my swing trade position at the $7.5x level which was slightly above my swing trade entry of $7.4x.

The positive spin to this BO from $AZN is that Big Pharmaceutical company is still interested in the fish oil business despite the sloppy Italian study that tried to prove that a low dose fish oil supplemental pill offered no benefit.   I still hold my core $AMRN position and will continue to hold.  Remember I tried to sell my $AMRN position last week looking to buy back cheap but the sellers did not come?   Hindsight speaking, if only I tried that today at the open…  Today action goes to prove that we can try to time the trade but the market does not always cooperate.

My second cut was $APRI.  At first, it started off with a positive bang but then it fell apart later.  While I did not look into the reason why, I could speculate that the public offering for $2.85 was not doing well.  I sold my entire $APRI position to cut losses and moved on.

My third cut was $UNXL.  Again, it started off with a bang on the upside.  Wow!  But being a small float company, sellers came in to drop this one into an abyss.  My stop below the low two trading days ago was triggered and I was stopped out for losses.

$UNXL is a perfect example of the need to beat your own drum.  The Dev’l may still like this one; but don’t forget that the Dev’l has come from a hugely profitable short position on $UNXL before he switches to go long.

On the other hands, I followed the play because the chart looked good for a bounce at the time.  With today price action, my stop was triggered based on my own drum beating regardless of the status of Dev’l’s position.

I bought $NUGT for a bounce play but got stopped out later for small losses.

I bought $EBAY near the open and is still in position since my position is still profitable albeit I gave back paper gain from earlier climb.

I also bought $BPFH from ChessNWine blog post and it was profitable on the get go.  Unfortunately, price staged a waterfall action that stopped me out for a small losses.

I added to $CERS with a limited buy order which got filled in the afternoon (I forgot to post on twitter).  I like $CERS price action and may be moving this trade into the position trade category.  I’m looking for price target to hit at least $8 from here.

Meanwhile, $TINY has a bounce today so let’s see how it behaves the rest of the week.

Current holdings:



The trades I made in the journal were time-stamped in twitter

(except for the $CERS position I added today which I forgot to post on twitter).

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  1. chessNwine

    Whippy action in $BPFH – Hopefully get another entry soon.

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    • Zenhunter

      Indeud it was, Chess. Yes, I would like to get back in if the price action dictates it.


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