Tuesday, April 17, 2007

This and That (Mostly That)

Some thoughts for the VIXophile in all of us:

…and the AndMoreophile too:

Finally, some have wondered what I did about my ‘all in’ bet on VRTX last Friday for the CNBC Million Dollar Portfolio Challenge. Well, I took a beating on Friday and for the better part of yesterday, but when it rallied to almost fill the gap late yesterday, I decided to hold on rather than jump into an earnings play, so my patience is being rewarded today. My thinking was along the lines that I always look very closely at the second day of price action after announcements of FDA decisions or key clinical data for biotechnology companies; I saw yesterday's reversal as an opportunity not only to confirm a 15 month low, but signal the 10+ million short shares that it was time to cover. While I may make a little money today, I am not closing the gap on the leaders and time is becoming my enemy. Now it looks like it is time to roll the earnings dice


Unknown said...

I went all in TOA recently. It also has a massive short position.

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