Today was a slaughterhouse day.
Market opened higher and everything was going honky donky, right?
Nope. Not for me. I was being cut three ways to sunset.
The first cut was $AMRN. So $AZN decided to buy $OMTH instead of ponying up a premium for $AMRN. Well, I think you get what you pay for still apply here. $OMTH is still a developmental stage company so $AZN has more work to do. Regardless of what I think or anyone think about the superiority of Vascepa, market did not like the news and punish $AMRN instead. Who am I to argue? Therefore, I sold my swing trade position at the $7.5x level which was slightly above my swing trade entry of $7.4x.
The positive spin to this BO from $AZN is that Big Pharmaceutical company is still interested in the fish oil business despite the sloppy Italian study that tried to prove that a low dose fish oil supplemental pill offered no benefit. I still hold my core $AMRN position and will continue to hold. Remember I tried to sell my $AMRN position last week looking to buy back cheap but the sellers did not come? Hindsight speaking, if only I tried that today at the open… Today action goes to prove that we can try to time the trade but the market does not always cooperate.
My second cut was $APRI. At first, it started off with a positive bang but then it fell apart later. While I did not look into the reason why, I could speculate that the public offering for $2.85 was not doing well. I sold my entire $APRI position to cut losses and moved on.
My third cut was $UNXL. Again, it started off with a bang on the upside. Wow! But being a small float company, sellers came in to drop this one into an abyss. My stop below the low two trading days ago was triggered and I was stopped out for losses.
$UNXL is a perfect example of the need to beat your own drum. The Dev’l may still like this one; but don’t forget that the Dev’l has come from a hugely profitable short position on $UNXL before he switches to go long.
On the other hands, I followed the play because the chart looked good for a bounce at the time. With today price action, my stop was triggered based on my own drum beating regardless of the status of Dev’l’s position.
I bought $NUGT for a bounce play but got stopped out later for small losses.
I bought $EBAY near the open and is still in position since my position is still profitable albeit I gave back paper gain from earlier climb.
I also bought $BPFH from ChessNWine blog post and it was profitable on the get go. Unfortunately, price staged a waterfall action that stopped me out for a small losses.
I added to $CERS with a limited buy order which got filled in the afternoon (I forgot to post on twitter). I like $CERS price action and may be moving this trade into the position trade category. I’m looking for price target to hit at least $8 from here.
Meanwhile, $TINY has a bounce today so let’s see how it behaves the rest of the week.
Current holdings:
LRAD, TINY, AMRN, CERS, EBAY, DNN & 53% cash
The trades I made in the journal were time-stamped in twitter
(except for the $CERS position I added today which I forgot to post on twitter).
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Whippy action in $BPFH – Hopefully get another entry soon.
Indeud it was, Chess. Yes, I would like to get back in if the price action dictates it.
Cheers!