I did this last night post market, I started to build a small position in $IDIX earlier this week and I bought it at $5.35 I liked the daily chart on it and wanted a little exposure. However, I also knew it was a biotech and that it could be a widow maker. So it was a very small starter I am talking 200 shares. After the close, $IDIX had an FDA decision that was not in their favor. I did not hesitate I sold the shares post market for 3.75 a share that may sound pretty bad but its better than selling it @ the 3.38 cents its trading @ in pre market. It was a gamble and I treated it as such I bought a very small position and when it went against me I bailed without hesitation. I am not concerned about the loss and I will find something to trade today that will erase it. More importantly, I don't have to sit and watch $IDIX hoping it bounces so I can get my money back the trade is done, over, finished and I can spend my time finding the next winner.
I expect today we will have a bounce but that is all I think it will be and with that in mind I have no intention of adding any swing positions. I will be sticking with what I have and day trading. Full disclosure, I may add to to a swing that I already own if the fundamentals haven't changed and the price action suggests it has found support.
Morning movers and stocks that caught my eye
$ACAD like how well it held up yesterday, $APRI pr, $UQM I like the daily, look for volume, $TVIX if things get hairy again, $IMMU nice daily, $CAMP strong yesterday, $OTIV continuation, $CTIC, $OCLR looks interesting, $SGOC, $CAAS pr decent daily but very thin and a china play
Yahoo in play
Other news: IDIX -25.9% (announces FDA has requested additional preclinical safety information for its lead prodrug candidate IDX209603; anticipates delay in initiating clinical program; several analyst downgrades), ENZ -5.7% (FST will replace ENZ in the S&P SmallCap 600), AHT -3.5% (prices 11 mln shares of common stock $12.00 per share), RBS -3.2% (looking around for catalyst), GFI -2.8% (still checking), ACRE -1.9% (prices 18 mln common share offering at $13.50 per share ), HLSS -0.7% (files for 12.5 mln share common stock offering), .
Analyst comments: ZNGA -1.7% (downgraded to Underweight from Equal-Weight at Morgan Stanley), QCOR -1.7% (downgraded to Neutral from Buy at BofA/Merrill, assumes with an Outperform (from perform) at Oppenheimer).
Other news: WILN +14.1% (Wi-LAN and Samsung have entered into a broad long-term license renewal to WiLAN's patents for Samsung's wireless mobile products and networking infrastructure equipment), BEP +7.1% (announces postponement of proposed offering), ORMP +5.2% (announces withdrawal of proposed underwritten public offering), MTL +5.2% (still checking), AMRN +4.8% (Amarin announces positive results of phase 1 clinical trial measuring the bioavailability of a fixed-dose combination of Vascepa and a statin compared to concomitant administration), FIVE +4.3% (postpones its proposed secondary offering due to current capital market conditions), WMC +4.2% (cuts Q2 dividend to $0.90 from $0.95 in prior quarter), DEO +2.7% and BUD +2.2% (still checking), TESO +2.2% (TESO will replace CHG in the S&P SmallCap 600), UN +2% (still checking), SD +1.9% (New CEO expects fiscal discipline; not planning on selling the company, according to reports), TSLA +1.8% (Blooomberg discusses new TSLA battery charging system that has faster speeds ).
Analyst comments: VIPS +5.9% (ticking higher, initiated with a Buy at Citigroup),FB +2.5% ( upgraded to Buy from Neutral at UBS), FRX +2.2% (ticking higher, upgraded to Buy from Neutral at Goldman), FB +2.1% (Facebook upgraded to Buy from Neutral at UBS), SO +1.2% (light volume, upgraded to Buy from Neutral at Citigroup) VIPS +5.9% (ticking higher, initiated with a Buy at Citigroup),FB +2.5% ( upgraded to Buy from Neutral at UBS), FRX +2.2% (ticking higher, upgraded to Buy from Neutral at Goldman), FB +2.1% (Facebook upgraded to Buy from Neutral at UBS), SO +1.2% (light volume, upgraded to Buy from Neutral at Citigroup)
Seeking Alpha
Today's Markets:
In Asia, Japan +1.7% to 13230. Hong Kong -0.6% to 20263. China -0.5% to 2073. India flat at 18774.
In Europe, at midday, London +0.9%. Paris +0.6%. Frankfurt +0.5%.
Futures at 7:00: Dow +0.6%. S&P +0.7%. Nasdaq +0.6%. Crude +0.3% to $94.63. Gold +0.5% to $1293.10.
In Asia, Japan +1.7% to 13230. Hong Kong -0.6% to 20263. China -0.5% to 2073. India flat at 18774.
In Europe, at midday, London +0.9%. Paris +0.6%. Frankfurt +0.5%.
Futures at 7:00: Dow +0.6%. S&P +0.7%. Nasdaq +0.6%. Crude +0.3% to $94.63. Gold +0.5% to $1293.10.
Today's economic calendar:
No events scheduled.
No events scheduled.
Briefing.com
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