I sold out of Goldman Sachs near the open and missed the entire rally, I was moved by the strong sell flow early on in the S&P futures. The same sell flow also marked the low of the day, at the key price confluence highlighted this morning. The market turned here and ran 8 handles higher closing just off the highs.
I wasn’t offered opportunity to get on board the move until late in the session, and feeling underexposed, I added to my TPX, AIXG, and FB longs.
TPX is officially my largest position, constituting about 18 percent of my portfolio. I’m now playing a game of chicken with the shorts as we approach earnings July 22nd. Obviously, I don’t want to carry this entire position into earnings, so I will be a seller into strength. I wanted to make sure I had enough in the name to allow for some scaling, but still offer modest positioning into their earning’s announcement.
AIXG caught a nasty downgrade today. Shares were off over 5 percent and I’m near my stop point so I doubled my long. The position isn’t quite full size, more ¾, with a plan to scale off the additional shares at or near my original purchase price of $16.87. Max pain is below 15/share.
I added to my FB long. My basis in the name is right around here. I liked it last time we were trading at 25, I like it even better now that there’s a base beneath.
As awesome as this week has been for longs, my gains are excruciatingly modest due to matters way beyond my control. Like the clown baby who went full Rachel Ray and started “The Truth About The List” which can only be described as childish. There’s nothing wrong with being childish, it can be rather entertaining. As a matter of fact, I laughed out loud when I first saw the site. I even wrote about it in my diary!
“Citizen for Internet Transparency made a funny website today” it read, “it made me laugh.”
The humor wore off when the shares gapped down nearly 4 percent today. How much of this move is attributable to the hit site is unknown, but unless things get turned around rather quickly, it’s as if an anti-momentum laser was fired at the shares.
This feels a lot like the anxiety phase of an upward move which is what keeps me pressing my longs even though a part of me wants to cash out. Also we’re capturing these upside levels that seemed a bit farfetched which is surprisingly bullish.
http://youtu.be/2YcIgow6TDk
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Let’s hope Bernanke doesn’t drop an anvil on our heads tomorrow
I’ll drink to that