Today the market’s weakness resulted in an early flush in a few names, especially retail as we cut through the key support level highlighted in my premarket profile work. Many retail and department store names were sold off early morning when data came out suggesting a ho-hum holiday of selling. The data points are lining up in favor of my department store thesis. Unfortunately, AMZN took a hit too, and I sold the name for a scratch after being up in the position.
Other than selling my shares in AMZN I started small shorts in Macy’s (M) and Saks (SKS). Also I sold my degenerate OTB guy position in BGMD at a 5% loss. I suppose I should have booked that dog as soon as it was a winner.
MOS had a solid first day in my possession, and shares of POT and MON behaved well also. All the companies have earnings right around the corner in early January. After the earnings are out of the way I plan to build into the names for Q1. Unless they start sucking wind, then I’ll abandon the entire idea.If you enjoy the content at iBankCoin, please follow us on Twitter