Today was a two faces market day.
While the $SPY showed a normal neutral day that closed at the support line, Nasdaq was getting beat up in the backyard.
Hey, I was among those getting beat up as well. I got punched in the stomach and a huge slapped across the face that made me feel like stars were spinning above my head. I couldn’t see straight when I looked at my portfolio.
All my positions were underwater. Although I had the good sense to unload more of $HYGS when it traded below $20, it didn’t do much help when the rest of the team were all falling by the wayside. Being a stubborn man that I can be sometimes, I decided to add a bit more $LRAD near the $3 level. There is simply too much potential big orders in the cards that I’ve plenty of conviction to buy here with free cash available. And by doing so, I’m at risk of making $LRAD an oversized and overweighted position in my portfolio. Such is my confidence in $LRAD.
Chartwise, the only good thing I can see here is that price bounced off the lower band of the Bollinger bands. Statistically speaking, there is a good chance it may bounce from here. Bounce or not, I’m comfortable holding $LRAD thru volatility thru the 4th Quarter waiting for news.
I also bought $IBIO to replace $AMRN in the biotech department.
Chartwise, it sure looks like a possible cup and handle breakout coming soon. Of course, we are suppose to play it AFTER the cup & handle breakout; but I’m more aggressive so I’m buying ahead of the breakout. I must be crazy to buy when buildings were collapsing around me. But $IBIO seemed to hold quite well in today price action.
Fundamentally speaking, I like to think of $IBIO being a better cousin of $INO. Both deal with vaccine technology. Potentially, there are massive upside as well as downside from dilution. Take your pick.
After the dust settled, my port took a 4.7% hit and YTD gain is now at 3.3%. Nevertheless, despite current stormy climate, I still believe I may close the year with a respectable return.
Current holdings:
LRAD, DMRC, ORBC, HYGS, IBIO and 10% cash.
My 2 cents.
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