This morning the market had one of those day where it woke up with wood but was quickly dampened by noise of a crying baby next door owned by an European family.
“Waa! Waa! Waa! Give me my f***ing milk or I’ll cry till you…”
Anyway, $AAPL opened up and I added some more for the ride. I wanted to get back on the uranium sector so I thought today would be the day. I bought a starter position on $CCJ and $URA after seeing the charts were all pointing up like they were going to break out to the upside.
$BBRY gapped down and I did not have any regret for closing out my short position on Friday because $BBRY was known to bounce violently from time-to-time. I was quite content with my profit from Friday so I didn’t see the need to gamble that win on an overnight roll-of-dice. Seeing more than a point down at the open, I watched the chart to look for some stability and bought a starter position looking for a dead-cat bounce. Using my trusty 15m, 3m, and 1m charts, I bought when these three charts aligned together to yell out “It’s a GO! Buy now ZEN!”. Hearing the signal, I bought and was fortunate to catch the dead-cat bounce. I used a trailing stop to follow the price action and was later stopped out for profit.
$CGEN looked like it was bouncing and despite my better judgement, I bought a starter position thinking that it could run up fast on thin volume and I would be quick to dump it for a tidy profit. However, after some times in the morning, I looked around and couldn’t find the patsy running up the price. “Oh Sh*t! I’m the patsy!” Without thinking twice, I dumped my position for a small loss. I deserved this loss for being such a smartass.
Then the market started to turn. Before $SPY price action became a waterfall, $AAPL was struggling at the top so I decided to sell my lot to lock in profit before giving back the gain. Then the next down bar happened on $SPY on a 3 min chart and I had this bad feeling that it might become a waterfall price action.
Not to deny my intuition (or feeling of impending waterfall scenario), I started to unload my swing trade positions. I checked $CUR and it was not pretty so I dumped it to cut my loss. $CDXS was showing the same unpleasant picture on the chart so I dumped it as well. $DDD had been struggling since the open so I decided to sell it too to take the small loss before it became a big loss.
$PACB was hitting Friday low and I sold it too. With the $SPY continuing its trek down, I was scanning my portfolio to see what other swing trade position I had. I saw $GLOG and out it went. Then I saw my newly minted $CCJ & $URA; nope, they had to go too. I stopped at $DCTH and I still saw that massive bid sitting there at the low. I was very tempted to hold but then I was in the “firing” mood; so I said, “You are fired too!” Bang! Out it went.
By the time I had fired all my swing trade positions, I had 50% cash along with my core position trades- LRAD, AMRN, SZYM, & TINY.
I was feeling good to sit on the cash and I went away from my desk for awhile. When I came back I saw $DCTH was trekking higher. “Darn! I knew it! That large bid was there for a reason.” Not to be denied a rally, I decided to buy back my $DCTH position. Then I saw RC post in which he mentioned of holding $IMUC. I checked the chart and it looked pretty good giving a down day today. I had $IMUC before and I was actually thinking of buying it back when the chart looked better. And there it was, a better looking chart when all others were taking a dump. So I bought a starter position on $IMUC.
During the slow grinding state-of-being the rest of the day, I made one long $AAPL trade for a bounce but sold it for small profit when my 3m & 1m charts started to act up. From then on, I sat on my hand and stopped watching the market.
Overall, I had a good morning banking coin on $AAPL and $BBRY. I also “fired” a lot of swing trade positions but was convinced to hire back $DCTH. I’m giving $DCTH one more day (tomorrow) to prove itself.
AMRN continued to give me heat but LRAD was being a great pal by blowing ice cold air to balance out the portfolio.
Current holdings:
LRAD, AMRN, SZYM, TINY, DCTH, IMUC and 45% cash.
My 2 cents.
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