On Tuesday I made one trade with Achillion Pharmaceuticals (NASDAQ:ACHN), Faded the move higher during it's first move above $11.50.
Took out +.34 (profit target was .40) when it build a base around the sub $11.50 area.
Good day overall.
Still long Research In Motion (NASDAQ:RIMM) covered stock option calls.
@RobertWeinstein Robert Weinstein G+
Watching Idenix Pharmaceuticals (NASDAQ:IDIX) for a short fading entry. Keeps getting close but not quite there. will be interesting for the next hour if it keeps moving up towards $14
New quote I thought of today
"With an edge there is opportunity, without an edge it doesn't matter what the risk level is."
Well I ended the day in a frustrating mood. I missed a Sears Holding (NASDAQ:SHLD) short I have been watching for days now. I even wrote an article about it on seeking alpha. Basically I wrote that Sears is not a buy but expect it to dead cat bounce (which it did) and would be ready to short again. Sure enough it moved right to the exact amount I wanted to short at (the TDLine) and fell back.
I noticed it about a dollar lower and thought about shorting it at that point. I decided to do the conservative thing and wait to see if it bounced higher and reshort at that point. Well it never did and I watched it drop another dollar and of course just to rub it in I watched it drop the final dollar before making some move off the low at the closing today.
Oh well, I sound upset and while I would have liked to get the trade I watched I am happy that I kept to my guns and was not putting myself in a situation where I may have regretted the entry. Better to let this one pass and be bored than to take it and be mad I was losing money.
I did happen to catch an overnight trade today. Idenix Pharmaceuticals (NASDAQ:IDIX) made a strong gap up plus two today. I entered in a little late compared to the move off the high of the day today but it still has a way to fall tomorrow. I will look to cover sometime in the first hour or two. At the same time I will not be in a rush. IDIX is likely to fall as the day trades on as it is to gap lower.
Buying Columbia Laboratories (NASDAQ:CBRX) for a fade of the massive sell-off. Started getting interested in the low $1.40s and bought down slowly until it hit $1.20ish and added much faster as it went to $1.01(low of the day as of this post).
Looking for a rebound to $1.50 or higher. Company is making money and sales and the FDA setback is being over-sold in my opinion. Have to love pharma....