I haven't done any trading since INCY last week. Yes, I missed the Dow/S&P rocket (it made me think back to that post about missing the best days), but I had my trading rationale for not taking part. I'm not a chaser; I tend to be more of an OB/OS kind of operator when it comes to trading, and the style shifts when it comes to establishing longer term positions.
Well, I lied about the INCY comment. Today, I moved out of my full cash position and scalped IMNX for half a dollar. My earnings from the trade was almost literally peanuts net of costs; after getting in, by listening to myself, I realized I didn't like the tone. So I got out. Better to get out at a profit with second thoughts than to go out with a loss, after the position turns against you.
Even the tone in the aftermarket didn't impress me. The first time IMNX got smashed to these levels, the price "decompression" in the aftermarket was more significant, rising $5/$6, but what I've witnessed many times before is that if it comes around a second time, then you may not have as much luck. When the expected result failed to materialize within the time I gave it, I knew it was time to reverse.
Guess I'm in cash again. Oh well. The market's not going anywhere soon anyway.
Rainier |
