Although the DOW was down slightly, The SP500 was up a bit; so I called it a neutral day once again.
Well, FDA gave $AMRN another kick on the butt and once more, $AMRN took a tumbling. What I don’t understand is why go thru the “delay” just to say no at the end? Why not just say no on Dec 20th, or Jan 15th? Funny thing was that I actually pulled out of my speculation on Jan 14th but decided to jump back in on the 15th simply because of strong price action that day. Needless to day, I sold my shares when price bounced back up to $1.76 area after the open. What made this time not so bad was that I went back in at $1.64 before the rally to the 15th and made some money before the FDA rejection. This mean I only gave back the recent gain. My accumulated losses on $AMRN had not worsen. I believe I can move on from here. Adios to $AMRN.
Today I had a bad case of bad timing… after I got out of $AMRN, I decided to jump back on $GALE. I was surprised there were no sell-off last Friday after Cramer told everyone to ring in their profit. So, when price opened higher, I bought back some shares. Then with the free cash from $AMRN, I added more when price dropped a bit below $7.
That was the sound of broken dam.. and the water gushed out of the $GALE money reservoir so fast that by the time I checked my portfolio, I was in a state of shock. Luckily, immediately my mental stop kicked in and I got out pronto to take my losses. As price continued to tumble down, I had to go away somewhere. By the time I got back, price had recovered from the low of $5.7x. Without cash to buy back some, I decided to sell my $GOGO position to do so. Bad idea!
Anyway, I bought back 70% of $GALE position and gave up the opportunity of making money with $GOGO. Now, I’m stuck with another three days for the cash to settle from the sales of $GALE from the morning buy.
In summary, my portfolio took a bit of a tumble from three attacks: $AMRN, $KNDI, and $GALE.
KNDI, LRAD, SEED, CERS, KGJI, GALE and 8% cash.
My 2 cents.
Categories: Daily trading Journal