oh wow, I hadnt looked at that LJPC in some time.. wow.. That was almost a MAJOR disaster for me but thank god I came to my senses.. My Mom passed away from Lupus nearly 2 years ago and someone pointed me towards LJPC.. I let my emotions get to me and actually took a substantial position, but wised up a bit and took some time to read the data and I concluded it was going to be just like all the other Lupus drugs.. worthless.. and thank goodness I got control of those emotions because that woulda been a huge hit : (
To be perfectly honest with you? One rule I try to live by is to avoid holding any biotechs overnight.. and if I do hold overnight? Im out immediately the next day regardless of the buffer I have.. Time and time again this has saved me small fortunes.. They always reminded me alot of how the internet stocks traded back in the bubble days to a small degree.. Very irrational, always huge speculators making wild bets one way or another.. and you know, even the monsters like BIIB arent safe from bad news.. I think the best way to play this sector is with the ETFs BBH and IBB.. Look at the moves they made today on the DNA news, and if another bomb hits the group anytime soon youll take a hit but probably not even 1/8th the hit youd take on the individual stock..
Of course now Ill put my foot in my mouth because I did buy back some SEPR near the close and am holding that into tomorrow (Think I just majorly jinxed myself!) but I made some fat/quick profits on GILD just as that runup started, and also DNDN so I should be ok unless SEPR gaps 5-10 lower... (again with the jinx!)
Ill say this much tho? daytrading this sector can be extremely profitable.. They tend to move as a group and the tape is easy to read compared to your average tech stock.. Not sure why that is, maybe just my imagination but..
Of course- just for what its worth? Im a VERY short term trader, so even holding anything overnight let alone biotech? is rare for me.. but lately Im taking smaller size trades so holding overnight in some instances is ok.. but I view the stockmarket as a way to make a living, but not something I would invest my money in if that makes sense.. I have zero faith in the SEC, the NASD, the NYSE.. I think its so corrupt its sickening.. I just use it as a vehicle to pay my bills..
Storing my cash under the mattress is fine by me.. if anything, I can use it for firewood when this whole charade comes to an end : )
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