Frustrating past two days watching Myriad Genetics (MYGN) fly off the handle 15% yesterday despite highlighting it but not owning it and now watching Illumina (ILMN) run off 15% but only having a 0.6% stake. I don't "bet" ahead of earnings although its a very popular thing to do among the casino mentality folks that now dominate stock markets; and this is the other side of caution - watching good stocks run.
I am going to cut bait here and look for this gap in the chart to fill sometime in the next few weeks to get back my position. The stock's high yesterday was $29 intraday so I am going to set up a limit buy order there, while I am selling here in the $32.20s. These shares were bought in the $27.50 area so a solid 17% gain (most of it coming today of course). I see potential upside to $34s before hitting resistance but I don't like gaps in charts in bear markets. If this sell and rebuy theory works out I not only lock in my profit but re-establish my position 10% lower than here. We'll see if it works out "so perfect".
The S&P has been incredibly range bound the past three weeks so in about 15 more S&P points we are back to the top end of our range. I was bemused to see futures bid up as we "only" lost half a million American jobs via ADP report... hey "better than expected". That's only 6M losses pro rated over a year. Who needs workers in the Wall Street economy?
Long Illumina in fund; no personal position
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