The market opened slightly lower but spent all day climbing back up to neutral by end of day.
Meanwhile, seeing that the overall tone of the market being negative, I began to reduce my bio-tech risk by first selling off my $CERS position.
When $ATRS began to hit $4.50 which practically taking out the low of the last three days, I reduced my position by 50% to reduce risk and to get out at breakeven.
I also dumped my $AMRN swing trade position as well as 50% of my core position. $AMRN, at this stage, has lost its bearing so any down market can easily drag this one down. Good thing I was able to sell close to my entry price so I didn’t have to take loss from my entry point.
$BIOD started off the day by taking out yesterday low so I reduced my position to minimize risk. However, price later went back up but I decided not to chase it back. Let’s see how price action behave next week.
Basically, I played defensive all day and was glad I did ’cause both $ATRS and $AMRN went down even more after I sold.
LRAD, INO, CLIR, AMRN, ATRS, BIOD and 46% cash.
Categories: Daily trading Journal