____________
I am taking some profits by selling 1/2 of my $LULU position. (The PPT Is briefly down now, but I timestamped my entry as well as all other trades).
As far as the broad market is concerned, the ideal scenario to get me to deploy more cash on the long side would be to consolidate above the 1040 level for a few more days. However, keep in mind when we consolidated above 1120 a few weeks ago, the outside reversal day fooled me. Good thing I kept my hedges on with a huge cash position to boot. Nonetheless, it just goes to show the importance of playing it safer than usual when the market is in a prevailing downtrend, save those situation like Tuesday, where we were dramatically oversold.
___________
TOTAL PORTFOLIO:
EQUITIES: 40%
- LONG: 40% ($NR $NTAP $LULU $CRM $THOR $APKT)
CASH: 60%
There will be a time to have the utmost aggression, I like your large cash horde until then. You sleep comfortably and have a clear mind I am sure.
Well, I’m always replaying all of my mistakes to make sure I don’t forget. I am itching for an easier market to be more aggressive. But, if it isn’t there, I’ll keep folding my bad hands.
Markets have filled the gap from this morning and look constructive for at least a re-test of today’s high.