iBankCoin

Don’t Forget to Take Profits

The market is fantastic isn’t it? But most of you were crying, curled up in a shower about a week ago–scared of General Putin and his rag-tag bunch of vodka whores. Although I am looking for a rally and think we have room to go, you have to take profits when you can. If you’re up 10% inside of a week on an idea, take some off the table. The only exceptions are for longer term ideas. Like I am +25% on both SGEN and ICPT–but haven’t even considered selling them.

By the way, I don’t think the NASDAQ is heading for a 75% drop–that’s juvenile. I simply believe the ‘bubble stocks’ that fell off the table in March and April are going to resume lower again this fall. The market as a whole might even trade higher–although I doubt it. All of the high beta, 20x+ sales stuff, will go out the window. Whether it happens in September or a few months later, they will come down. I only think it happens in september because it’d be the fashionable thing to do. Plus I like symmetry.

As of now, I am looking over my trading positions and deciding whether I should book some gains.

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12 comments

  1. blackalgo

    Agree. Rolled some VRNS profits (+10.82% on the day) into NAME at $12.66.
    NAME will have an EV around 800M-1B in the next few years. Any interest in this gTLD play, Fly?
    Valuation is very attractive here IMO… thinly traded at the moment though.

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  2. bruce keller

    If YELP doesn’t break 79.37 it will be 3 lower highs since Feb top. The whole market depends on YELP.

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  3. xxxhuggiebearxxx
    xxxhuggiebearxxx

    taking a little heat on my short positions

    Exited the remainder of my EWZ today….I am now down .5% on the year….nothing to be proud of but i plan to make Q4 count.

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  4. from gorby

    It is something I’ve struggled with
    duriing this bull run.Generally I sell partial positions until there is half left and let the rest ride.But when to exit the rest of the ride I have no clue.

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  5. tradercaddy

    Speaking of Russian “vodka whores” my daughter spent a college summer session in St. Petersburg f/k/a Leningrad and she told me that a vast number of people there were bombed out on cheap vodka.
    They had to close the bridges over the many waterways at 2 AM or so because of the Ruskies driving drunk over the bridges and into the water Ted Kennedy style.

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  6. dishobgyn

    short the hell of this market through SQQQ.

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