Today was like a game of whack-a-mole except that I was cutting losses as they popped up.
Market actually opened with positive bias with $FB and $POT opened higher. Immediately, I bought back $FB and $POT at the market open since I sold out my position yesterday. I wanted to own these two if market rally continued.
$DCTH opened a bit lower and I was ready to bail. I waited a bit but then someone got ahead of me and dumped. Not to miss my music chair, I immediately sold half of my position so as not to give back too much profit from earlier this week. Later, when I saw that $DCTH could not bounce back; I just sold the rest of my position at around the same price I sold the first half. It was a good thing because price eventually broke down further to take out $1.80 support. By end of day, price was at $1.80. I’ll see if price can take out $1.80 resistance tomorrow before deciding if I still want to play.
$DDD bounced higher from yesterday close so I bought back a starter position with a stop at intra-day low. It was a good thing my stop was there ’cause $DDD tanked further down after my stop was hit.
I also had a stop for my $POT position at intra-day low and it was hit for small losses. $POT eventually caved in and headed lower; but it valiantly bounced back by end of day. Giving the way $SPY was doing its waterfall thing, I decided to wait for tomorrow before deciding if I wanted to go back in or not.
By the time I took a look at $S, it went down further than I wanted to see so I sold the whole lot for losses- not small but not big either.
Then $MNKD began to cave in as well and all my morning gain was gone. I was at breakeven and the daily bar didn’t look good; so I sold 60% first. And when I saw red everywhere on the quote machines, I decided I didn’t want to hold any swing trade until the bearish sentimental was gone. I sold the rest of $MNKD not long afterward.
While I was selling $MNKD, it was natural for me to sell $APRI also since price was not moving that much. I sold $APRI the same way I sold $MNKD- in two pieces. I took a small losses from the sales which was no big deal.
All of a sudden, I was in the whack-a-mole mode. I started looking for position to whack. I saw $TINY and decided I was holding too much for the coming correction. There were large bids there to handle my sales so I took it. Whack!
Seeing the large bids didn’t disappear after my first sales, I sold another batch. Whack!
With whack-a-mole, you want to whack another one after you’ve whacked the first one; so I moved on to $SYZM and sold my position down to 13% of my original size. Whack!
But when I came to $FB, I stopped myself ’cause this guy was making me money. So, no whacking here; instead I moved the stop to breakeven.
After all the whacking, I felt good with 61% cash.
Current holdings: LRAD, AMRN, FB, TINY, SZYM and 61% cash
My 2 cents.
The trades I made in the journal were time-stamped in twitter
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