iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,431 Blog Posts

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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