I saw it going down 2%, 4%, 5%... do I cut the position or not? I could not see why the stock was down together with the rest of the Biotech stocks... until the news that Hillary mas trying to boost her image for the next elections. This is hardly a relevant issue for that stock, knowing that we are still far from elections, but that was enough to send the whole sector down.
I however decided to respect my stop even after a 10% loss, which is a rare event and is usually followed by a bounce.
I finally decided to repurchase 50% of the original position when I saw money moving back in with a vengeance.
You will note that the total volume on BLUE was increasing early in the day, but the reversal was spectacular in terms of EV Pattern.
It is interesting to note that a few other Biotech attracted good money after the initial dump. MYL is in the middle of its takeover battle with PRGO. Hence, the MYL EV pattern might just reflect that battle.
I also had to cover the short TBT and the short XLE as they were reversing due to Bullard's comments.
All in all, not an easy day to manage the Portfolio.
I kept VNQ as the EV pattern did not look negative.
The portfolio is now 30% invested.
The trade ideas for the day are below. Not clear if I will buy weakness today, but since I will have family obligations from mid of the trading day, I will probably not trade at all.