Today was a sit on your hand day.
Market opened up and my focus was immediately on $GLUU since $ZNGA gapped down from earnings report. After a few minutes, I decided to sell $GLUU for losses in case price decided to do a waterfall style and I didn’t want to tie up my focus on $GLUU when I should be looking at other stocks. Later, when $GLUU started to climb back up, I decided to jump back in and paid a premium for it. Oh well, if $GLUU could take off from here, the premium I paid now would be a small token.
Since there were so many talk about solar stocks coming back into the limelight, I decided to look at $YGE which was an alert from RaginCajun. I also traded $YGE long time ago so it was natural for me to pick $YGE as the solar play. Chart looked good and I bought a starter position.
$BCRX was taking heat all day due to failure to foll0w-thru with yesterday big momentum day. By the last hour of the trading day, I decided to reduce the position size to adjust my risk profile and to cut losses.
Seeing I was sitting on a very nice gain on $SZYM, I was getting a little concern about a late profit-taking coming later to erase my gain. So I decided to take some profit first and see what happened later. What happened later was that instead of profit-taking, there were more buyers coming in to rally the price further. Seeing that I was wrong, I immediately jumped back in and bought back the shares I sold earlier. And at price continued to rally toward the close, I bought some more. Now I’m holding more shares than this morning before open. Yes, I paid a premium to buy the shares back. That is the price I’ve to pay for playing safe.
Seeing $RBCN gunning for a late run into the close, I added more shares. I like to hear the squeaking sound from the shorts…
The charts on $CHK and $WPRT were doing a downside reversal later in the day and I decided I didn’t want to waste time managing these two stocks anymore; therefore, i sold $CHK at breakeven and $WPRT for a small gain.
I need to learn how to sit on my hands more so that I don’t have to pay premium to buy back stocks like $GLUU and $SZYM. But my internal urge for safety can be very overwhelming sometimes.
Oh, btw, $AMRN did not take out yesterday low, so I’m content to continue to hold on to my swing trade position I added yesterday.
AMRN, LRAD, SZYM, TINY, RBCN, GLUU, DNN, BCRX, PPC, YGE and 27% cash.
The trades I made in the journal were time-stamped in twitterIf you enjoy the content at iBankCoin, please follow us on Twitter