Well well well, it looks like we have ourselves an olde fashioned market rout. I was fixing for a leg higher and instead got my house bulldozed while I slept. That’s okay and I’m not offended by this liquidation of stocks in the least. It would be like getting angry at the wind for blowing or the clouds for producing rain. Every once in a while, I am wrong about the general direction of stocks — but I’m always man enough to follow the path of least resistance.
Early this morning I sold out of MDLA — which was bought yesterday — for a +9.2% gain, an annualized return of 2,318%. If you wanted to instead annualize it by hours held, the gains are much more than that. And I also sold LK — a stock that I featured here 35% ago. The title of the article is “Here’s a Stock You Never Want to Sell” and I stand by that assessment. But this is my trading account and I do not commingle best ideas with trades. This account is designed to churn hard and fast, without remorse or emotional collapse.
My profit on LK was almost 16%.
Today’s narrative is strong dollar, higher rates, lower gold, higher oil. It sounds like the three rate cuts Wall Street is preparing for might be in jeopardy. Nevertheless, I am not going to sell my precious metal stocks just yet, and may have to endure a day of pain in order to see this through.
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