Market opened down but changed its mind to start a strong rally for the rest of the day.
$AMRN gapped down by more than $3 to take the price down to $2 and below. I was expecting a $2 drop but a $3 drop was way over-sold. Thus, I took the opportunity to buy back the position I sold before the FDA AdComm vote. I figured that $AMRN would be more open to buy out with a lower price since it would be tough for them to GIA (go it alone) with the expensive Reduce-It trial. With a lower price, BP may find its more appealing. Hence, $2 is a steal per my book. To supplement the shares I bought, I also took the opportunity to pick up a bunch of March 2014 $5 call option at super-bargain price at the open. Basically, you could say that I was waiting for the market to open to grab some cheap $AMRN shares.
It was a nice surprise to see $KGJI spiked up; naturally, I added more to round up my position size.
$CALL could not hold it bounce from yesterday so I decided to stop my position out when price took out the lower opening range for a break even trade.
$GOGO took off big and took out the high of 4 days ago, I added a bit more. Unfortunately, price could not hold the gain and gave back most of the gain at market close. I decided to hold my position to see what happen tomorrow.
$INO opened higher so I added more. I like the fact that today price took out the 15 SMA line.
$CYCC had a strong rally today so I added more as well.
Thanks to $KGJI and $CYCC, my portfolio had a decent gain for the day.
LRAD, KNDI, CERS, GALE, KGJI, GOGO, AMRN, CYCC, INO, APRI, CLIR and 13% cash.
Categories: Daily trading Journal