The market finally had a decent size correction to kick off 2014.
Fortunately for me, $GALE had another stellar day which more than offset the corrections of the other six stocks.
$GALE continued to head higher after it made an announcement of its acquisition of Mills Pharmaceuticals that would give its the worldwide rights to GALE-401, a patented, controlled release formulation of anagrelide which is used as a treatment for essential thrombocythemia, a rare bone marrow disease. Not a bad move, first, it acquired the right to Abstral and now GALE-401; both can have revenues stream coming online to support the NeuVax research.
While the daily chart looks good, I’m still wary of a correction that may come any time. Let’s see how price hold on to its gain tomorrow.
Next, after seeing $AMRN began to close below the support at $2.19; I began to restructure my risk exposure. Instead of holding a large number of $AMRN shares, I decided to lock in some profit from my $1.6x entry by exiting 2/3 of my position. I then bought more Jan $3 call options to make up some of the shares I sold. This way, if there is a FDA positive result, I can still participate in the gain; but if FDA denies once again, I will lose mostly on the option premium which will be less than if I still hold all my original position size if price drop back to $1.5 or lower.
$CERS made a nice attempt to reach $8 but only got as far as $7.85 before the market correction brought it back down to earth.
With the cash from the sales of $AMRN today, I may add more $CERS provides price doesn’t take out today low tomorrow.
$XONE had a strong morning when price took out $70 resistance; but by the end, the general down market dragged down $XONE as well.
What I like about the $XONE chart is that price is still above the support (blue) line.
$KGJI couldn’t stay above the $1.85 resistance.
This one will require a lot of patience on my end. 2014 has just begun so I’ve plenty of time to wait this one out.
$KNDI, $LRAD, and $TINY were all going thru minor fluctuation so I won’t bored you with the charts.
Thanks to $GALE rally today, my portfolio continued to head higher.
Current holdings:
KNDI, LRAD, GALE, CERS, KGJI, XONE, TINY, AMRN and 4% cash.
Regarding $PHOT on my other account:
$PHOT had a nice bounce today. Let’s see if price can continue to bounce higher tomorrow.
My 2 cents.
If you enjoy the content at iBankCoin, please follow us on Twitter
