As stated earlier this week, I am attending a funeral today and cannot be on the website. Since we have three open
positions to take care of already, I am going to just update you on those and then we will pick up adding new positions again tomorrow. The market is looking to move down this morning, which is very good news for us as two out of our three positions are inverse plays.
Updates:
Savient Pharmaceuticals (SVNT) – Our position in SVNT is a gem! The stock is trading pre-market up 27%. We are going to sell right at the open for whatever we can get. I am glad we stuck with this one, and I hope all of you were able to come along for this one. The company got their drug Krystexxa approved last evening, and this should really help the longterm potential of the company. Congrats to all who played it!
Direxion Daily Energy Bear ETF (ERY) – We have an entry of 47.07 for this inverse ETF. Oil is moving down significantly this morning as crude inventories improved according to the American Petroleum Institute. The stock is poised to open at 47.51. I am going to set a limit order on this one at 48.00, and I hope it can reach to that with the news and market looking down. If it does not hit that, I have a stop loss set in place at 46.30.
Lennar Corp. (LEN) – We have been holding LEN for quite some time, waiting for a red day. We have an average entry on this one at 14.64, and I will be looking for it to make its way down to only 14.43 for a sale, gaining 1.5%. I really want to get rid of this one, so I am hoping we can hit that price today. Otherwise, we are still in it. I have a stop loss set at 15.07.
Good luck today, and I will try to check in if I have a chance!
