Today was a puke out day.
Market opened down and everything else followed thru.
First order of the day, I checked $MELA to see if there were support to drive the price backup from a gap down. After a few minutes, I decided there were not enough buyers to push it up; so I sold my shares for losses. Again, I picked the wrong horse so I had to accept this as part of the loss. This loss was not a small losses like the normal quick losses I took since I was holding it thru the earning play. Nevertheless, it was still an acceptable loss that I could put it behind me easily. It was a good thing I sold 50% of the position before close yesterday.
Next, I sold $GLUU and $CERS since their price action was horrible in the morning.
$BCRX was also not acting well and I was way overloaded from the breakout above $2 yesterday. Thus, I’ve no choice but to reduce my position size to cut losses and minimize exposure. I’m still keeping 1/3 of the original position size on this one.
$SZYM proved me wrong again for jumping back in two days ago. Oh well, I need to accept my own responsibility for being “impatient and greedy”; so I dumped 85% of my position early in the morning to cut losses and minimize exposure. Later on when price stabilized, I bought some back to maintain a mid-size position on this one.
$AAPL was strong at first but it couldn’t handle the overall bearish sentiment; after looking at the chart, I decided to take my profit and run for now.
$RBCN looked very attractive at $6.9x level and price seemed stabilized around there; I decided to take this opportunity to jump back in for a starter position. So far, I’m still in the green.
Current holdings:
AMRN, LRAD, SZYM, TINY, RBCN, BCRX and 42% cash.
The trades I made in the journal were time-stamped in twitter
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