I’m sorely disappointed that the bull didn’t put its heart into gaining back some traction today. It was a half-ass job and the bull knew it. Seeing the opportunity, the bear applied some pressure by the close and succeeded in getting a red close. Shame on the bull for not working hard today.
Thanks to the lazy bull, instead of a close over the 89 XMA, we are seeing a close below it. Let’s see if the bull has more resolve tomorrow.
Again, $AMRN carry my port for the day while the other three continued to struggle. Today, we learned that one of the investors in the recent private placement is the Baker Brothers. The Baker Brothers specialized in biotech and they are one of the best biotech institutional investors out there. Out of the $52.8 million private placement, the Baker Brothers invested $40 million, that is a whopping 76%. Think about it, ever since the China deal, confidence in $AMRN has been strong across the board. No one is selling in last Friday 300 points drop in Dow Jones. Now, Baker Brothers is a major investor. I’m looking forward to find out who are the licensees from Europe, Middle East, South America, Soviet Union, and other Asian countries not covered by the China deal.
Price broke thru the $2.00 resistance but could not hold above it due to profit-taking. Let’s see if it will continue upward tomorrow.
$LRAD, $CERS, and $TINY had embarrassing performance today. $CERS is almost like a twilight zone episode where price would go down when FDA approved a drug. It was surreal. And I’m quite embarrassed to use my remaining cash to add more $CERS today. Oh well, what done is done. I still believe that $CERS will wake up someday; nothing like Rip Van Winkle of course. Pardon me if I don’t put up the charts for these three nonperforming stocks.
Thanks to $AMRN carrying the ball despite the three goofballs, my port gained back 1%. YTD losses is narrowed back to 1%.
AMRN, LRAD, TINY, CERS (100% invested/speculated).
My 2 cents.
Categories: Daily trading Journal