07-08-2015 Journal- $LRAD, $BIOC, $AMRN, $ONCY, $AKAO, $RBY

Basically, today drop was the bear way of saying yesterday rally was a mistake.  If the NYSE hadn’t been halted during the day, I believe we might even see a late recovery bounce; but the second wave of selling after the NYSE came back online just killed any chance of a late day bounce.  And guess what… tonight the SP500 is now up 12.40 points… almost a mirror-image of yesterday night except in reverse.  Let’s see if it can mirror today by rallying hard tomorrow.   Don’t laugh, it may happen.

SPY_Daily

Despite price penetrated last year closing price, there are support from March 26th low.  It was the same support that stopped yesterday fall.  With market bouncing now, this support is confirmed to be quite “strong”.

$AMRN was trading down and I wanted to buy back some.  After pondering on what I read about the 1st Amendment lawsuit, I realized that all Amarin needed is for the Judge to give it an “ok” to “initiate” a discussion of truth and non-misleading information with the doctors regarding Vascepa off-label use and its benefit without fear of prosecution from the FDA.  Everything else is just loose-end.  As it stands, Amarin sales rep cannot talk about Vascepa for off-label use unless the doctor initiates the discussion.  When do doctors ever have time to initiate a discussion on off-label use when there are plenty of patients in the waiting room?  That is a big difference.  Imagine the moment the sales rep can initiate a discussion with the doctor about the benefit of off-label use, even a small percentage of the 30+ million patients will generate x-times of current sales very quickly.  Suddenly I felt the urge to buy $AMRN. With my free cash still locked up in three days settlement period, I decided to sell 80% of my $RBY holdings to raise the cash to buy $AMRN.  In a way, I was lucky to sell ’cause $RBY tanked further down after I sold.  Afterward, I peeled off some more $LRAD to buy more.  Now, I wished I had wait a bit longer before buying $AMRN ’cause price tanked further down later in the day. Oh well.  We can never buy the bottom.

AMRN_daily

You can see price  is now at the 79 MA support.  Perhaps we can see a bounce tomorrow now that the SP500 is up at this time.  If it does bounce, I may add more with cash coming out of settlement lockup.

$BIOC didn’t do too bad even though it was down.  With many stocks taking out supports left and right, $BIOC bouncing off the uptrend line was a very bullish move for the stock.

BIOC_daily

Trading in a small range day in the middle of a blood bath means that no one wants to sell.  Investors are looking into the future where liquid biopsy becomes the standard diagnostic tool for all kind of cancers.

$ONCY was also holding well for the day.  A last minute rally put the closing price into positive territory.  Why not?  $ONCY is holding a key to cancer cure that can save more life.  Let’s harness the virus ability to kill off cells by programming it to kill only cancer cells.  With improved efficacy from testing on multiple patients, cancer cure may just be as simple as a needle shot in the arm with multiple reviews of result using $BIOC’s liquid biopsy to confirm progress.  Perfect synergy!

ONCY_daily

If today high is taken out tomorrow, we may see further bounce up.

$AKAO also recovered nicely at the close.

AKAO_daily

The price action for the last few days were quite “stirring” so to speak.  Price wants to go up!

What can I say about $LRAD besides the fact that it is a technology stock and not a biotech?  I’m still waiting for a surprise announcement of some major sales of their mass notification systems to some major cities.  I won’t be putting a chart ’cause it doesn’t look good.  So let’s just focus on the fundamental story on this one.

$RBY lower open made it easy for me to sell a chunk of it ’cause it dropped below the uptrend line.  Look like gold is really not in favor at the moment so I’m not going to fight this bearish sentiment. I bought $RBY as a way to hedge day like today but I could not be more wrong. I may just sell the rest of my $RBY tomorrow.

RBY_daily

The chart looks very bearish.

Due to four stocks down, my port gave back another 2% for the day.  YTD gain is now at 1.4% which is almost back to breakeven for the year.  However, I’m not worried ’cause any strong rally in any one of my five hi-beta stocks will kick my YTD gain back up to double-figure rather quickly.

Current holdings:

LRAD, BIOC, AMRN, ONCY, AKAO, RBY and 7.5% cash.

My 2 cents.



Categories: Daily trading Journal

Tags: , , , , , ,

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