Today was a hit and miss session.
Market opened in a yoyo fashion around the neutral point but that was not my focus in the morning.
I was watching $MELA because I came upon this stock and the chart looked ripe for a breakout thesis. Price opened higher but I still wanted it so I bought at the open and continued to buy at price climbed. I finished buying the position size I wanted and left it alone. As of now, I’m a little bit under water due to its closing. Nevertheless, I’m willing to give this a bit more time before deciding that the breakout is a fake. It is still too early to tell since $MELA was up 6.45% for the day even though I had to pay premium to buy it.
$AAPL was looking strong at open so I decided to buy some for a daytrade. I did not post my entry and exit at twitter since I don’t want to cluster my twitter account with daytrading activities. Nevertheless, I got stopped out for a profit and missed the rest of the rally later in the day. That was fine since I made it a point to stop the daytrading activities once I filled my quota for the day; otherwise, it it so easy to give your daytrading profit back when you over-trade.
Next, I saw the negative opening range on $PPC and $YGE and decided to sell them for small losses. Dumping $PPC was the correct move but not $YGE since price turned around and ended up positive for the day. But then, it is always so easy to judge yourself with hindsight information. There are still time for me to get back in $YGE if next week provides a supportive market condition.
$RBCN was taking heat on the get go and I sold some shares to lock in profit. Later, when prices tanked further down to the low $7.3x area, I bought back shares for the bounce.
$DNN was having problem coming back to the surface for air so I dumped it to take my losses.
$SZYM opened up and I was elated; but it was short-lived. Prices started to tank back down and I sold my shares along the way to protect the profit I made yesterday. By the end of the day, I bought back 10% of what I came in from yesterday and price was actually closed up for the day. Do I wish I sit on my hand on this one? Yes! Again, it is hindsight talking. I’m fine with what I’ve and the profit I’ve locked in before the weekend. I will evaluate my option again come Monday; perhaps, i can buy them back cheaper, or not.
Something told me to buy some more $BCRX and I did.
$GLUU made me a happy man today because prices finally rallied per my intuition. The premium I paid to buy back yesterday after I sold was worth it after all.
$AMRN also made me happy because I didn’t have to dump my swing trades I added this week. In fact, I like to keep my swing trades as part of the core position. This can only happen if price do not trade back down below my swing trade entry point. I will like to see a V shape correction on $AMRN here.
Meanwhile, I’m sitting on 42% cash to prepare for a possible bad May.
Current holdings:
ARMN, LRAD, TINY, MELA, GLUU, RBCN, BCRX, SZYM and 42% cash.
The trades I made in the journal were time-stamped in twitter
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