Today was a turnover day.
Market opened higher and then went thru a yoyo action in the morning before heading back up.
Meanwhile, a lot of my positions were being attacked.
After $BCRX earnings report, I woke up to the fact that this stock price was support entirely by the bird flu scare. Without it, the fear of dilution will tank it pronto. Thus, I sold my whole lot at breakeven and washed my hand off this one.
$GLUU was under attack on the get go and I immediately sold 70% of my position. When price dropped below the support line at $2.75, I sold the rest without hesitation. As far as I’m concerned, price action for $GLUU is broken.
$CREE was on the defensive all morning and I moved my stop to breakeven initially; but seeing that it was having a hard time staying put, I cancelled my stop and sold at the market to lock in some gain. Good thing I did since price action would have taken out my stop eventually.
$CVI was up and I was sitting on a gain from 2 days of running. I told myself to put a stop below intra-day low and let the stock worked it out on its own. Unfortunately, I did not listen to myself but instead chose to jump the gun to take the money and run. Oh well, price continued another strong up day; only this time without me on board.
I moved my stop on my $NFLX June 215 put option to breakeven so I didn’t have to worry about it. So far, I haven’t been stopped out yet.
$SZYM was under attack again so I unloaded 80% of my position to reduce my risk. I also didn’t want to give back too much gain from the recent run up. However, later on when price stabilized, I bought back some below my sales price but still holding less than I came in this morning.
I’ve been looking at $DUST and after the gapped up today, I believe it was time to go back in. I bought a starter position in the low $96.xx and wished that I had more patience to wait a bit longer. Oh well, let’s see if I’m on the right track tomorrow. Since this is a 3x ETF, I will let tomorrow price action to help me decide if I want to keep it or cut it.
I also like the $BAC price action and bought a starter position. Unfortunately, right after I bought, price started a mini-waterfall price action so I sold 2/3 of my starter position to reduce risk and take small losses.
A friend alerted me of $BIDU so I took a look. I like the fact that it is now at 50% retracement from its historical price range; thus, I bought a starter position to see if it will work.
Basically, today I’ve turned over my old swing-trade positions and replaced them with new ones.
AMRN, LRAD, TINY, DUST, BIDU, SZYM, BAC and 39% cash.
The trades I made in the journal were time-stamped in twitter