Daily Journal 1/16/13
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Whoop whoop! Hopefully I will never have to send in another college application in my life! Officially finished with the process, and now have to wait till March I think. I applied to a ton of schools including: USC UCLA SDSU UCSD UCSB LMU NYU and Pepperdine. Wish me luck!!! Now all that’s left is graduation in about 5 months.. crazy how time flies. I started trading mid way through my Sophomore year!
Today was a little annoying I have to admit. $SPY closed down just -0.02 (-0.01%) after opening slightly lower and recovering throughout the day only to give it back AGAIN. The banks moved higher yet again as $GS reported healthy quarterly results and $JPM beat, but had some questioning on their revenues. $BAC also recovered over the 9 EMA, so as far as I am concerned, it’s not time to short yet. Materials lagged today. There was weakness in precious metals, base metals and chemicals today. Steel stocks were off between 1.5%-2.5% after iron ore closed down by over 5% last night. BUT let’s be honest, who really cares about that. Everyone’s beloved rotten $AAPL squeezed up 20 points today closing at $506.09. Remember they have earnings on January 24th, so expect a lot of volatility, which is normal for $AAPL regardless.
I had a couple nice winners again today. We nailed $DCTH by selling some of our shares at the top, and then followed the re-entry plan perfectttttllyyyy. I think its pretty obvious that I am bearish on $FB, which also fell -0.25 (-0.83%). I’m still holding some puts, but I took some profits on this sub $30.00 flush. The issue with $FB is the time decay, even though we fell a quarter today, the puts I rolled into barely moved. I would like to eventually see this thing at $28.00 by next week, so I will remain patient. $MELA also flushed today down to $1.98 (-6.60%), which I saw coming. It looks like day traders finally got bored and dumped to take profits. $ATHX also began to breakout again today as we tapped $1.27! This one is just getting started! However, the two wild ones today were $CLSN and $NEPT. What a damn joke. This is why I NEVER use hard stop orders in small cap bio-tech pharmaceutical companies, or any small cap low floater. Bear raids galore (I got caught in $NEPT)! I missed both bounces unfortunately.. it isn’t the easiest task to trade from your iPhone while eating a Subway sandwich. It also didn’t help that they happened at almost exactly the same time. What a shame. Maybe next time I will choose a thousand dollar (or more) win over my sandwich, but then again, it is bulk season.
Enjoy the rest of the day fellas! Appreciate life, it is truly a wonderful thing!