Indices are mixed on lower trade and mild overbought condition. All indices made a new intraday all time highs.
S&P 500 @ 2197.91, low 2194.51, high 2203.56
Internals are positive
Oil Down 52 cents
Gold UP $2.00
Canadian $ Down 30 tick @ .6553
VIX UP 1.37% @ 12.59
In my portfolio :
Added 35% AMD @ $9.13
Sold TCK @ $25.15
Added 50% CMG @ $404.85
Portfolio AMD BIDU CNQ CMG TWLO WB
Most stocks are higher
@ 2.20 following are red :
AMD BIDU CNQ CMG GOOG CRM GWPH NTES
CTRP ZTNE TRIL VRX OLED UA V ABX LEN
NFLX SU TK RIG FEYE AGU MLNX SWIR
MS AEM FB PANW......
BLOG does NOT give buy or sell.
Saleem
7 comments:
Hi Stocktrader,
We made the right decision of selling some of ZYNE. Do you know why the stock is down? GWPH is also down. Is it good to add ZYNE at this level? Thanks
Joseph
Hi Joseph,
Some data on Epidiolex (GWPH's drug) yesterday showed drug-drug interactions with some common other treatments. This is causing some GWPH-specific pressure (although was kind of leaking out ahead of time), and the nomination of Sessions to AG is seen as negative for the industry as he is very anti-marijuana. Also still lingering is the issue I referenced Friday where investors are concerned about how these drugs can compete with the natural alternative.
I'm not sure any of this is truly a big cause for concern with ZYNE except for the last issue, but it ran up in sympathy with GWPH and/or marijuana stocks, so it seems intuitive it might trade down if those trade down also.
I am carefully watching and almost sold yesterday near $15.25--I should have taken it. Now, $14 is a big key as it was resistance prior that should become support. I tried to sell near $14.45 today and got 1/50th of my offer filled. It is less clear now what the true valuation should be although at <$150M it still seems attractive in the longer term even if it could be very choppy in the short term.
Stocktrader
Hi Stocktrader,
Thanks for giving more information about ZYNE and GWPH. I feel that we should use stop price when we have profit. At lease you have protection in the form of LABD.
This morning I placed a sell order for TRIL @ 9.50. Even though the price went above 9.50. the order was not executed. I dont know the reason. It may be due to low volume. I wanted to buy back the stock at a lower price. Sometimes things dont work in our way.
Once again thanks
Joseph
Hi Joseph,
Stop market/limit orders in bull markets often work poorly because the usual pattern is a grind up and crash down for 1-2 days then grind back up even higher. Often that stop order fills right near the bottom. I like to stick with any stock that is fundamentally sound (although granted ZYNE more muddied than before now). I also posted late on the Saleem's last thread that I sold LABD @ 15.44 so I'm flying free now! :)
As for TRIL, I'm not sure how your offer didn't fill as I definitely saw 9.55 as the best ask at one point this morning. In my little trading account I sold at 9.45 and bought back 8.85 and then really loaded up at 8.65. With ASH coming in <2 weeks, I want to be involved, and before everyone else starts to speculate on it. Very much is riding on that data--it will make the stock $5 or $15 again. I am not moving my retirement portfolio positioning with respect to TRIL--I will let it all play out.
Portfolio: MET, TRIL AKS LYB M, SPLK ZYNE MCHP CY, cash 18.6%
Eyeing FDX for purchase and NEFF for rebuy.
Stocktrader
Hi Stocktrader,
Thanks for sharing your take on Stop price. I know often it is tricky to use it.
I use limit price to buy and sell stocks. I don't know if that is the reason the order was not executed. What type of sell order do you use? Please let me know. thanks
Joseph
Hi Joseph,
The limit order should have been fine, so I'm not sure why you had the problem. You may want to call your brokerage if you think there was an error.
I usually use a "generous" limit order which is a sell limit below the current bid or a buy limit above the current ask. I do this because I want to get the order accomplished, but don't want to expose myself to bad pricing if others front-run a market order. I usually am not worried about pennies when I'm looking for a 10%+ move. For instance, if ZYNE is 13.83 x 13.86 and I want to get out quickly, I might put a limit order to sell at 13.80.
Stocktrader
Hi Stocktrader,
I usually place an order and continue to work because we are not allowed to watch the price action while I am working. Sometimes I check it with my phone I know it is always good to enter a lower price if decide to sell it. Thank you.
Joseph
Post a Comment