Run Free

The Nasdaq index has gone into wait and see mode since dipping off the highs last week, and it appears we are taking a pause in front of the market moving FOMC tomorrow afternoon.  If this activity was taking place near swing lows, we could very likely be seeing momo stocks down 8,12,15% a day.  But, since we are trading near the highs, this quiet chop allows momo to run higher.

We are starting to see a bit of euphoric sentiment across the twitter/stocktwit streams, however, this is difficult to gauge and is subjective at best, emotional at worst and potentially distracting.

I have four full size stock positions, none of which are for the particularly faint of heart: TWTR, KING, BALT, and LO.  KING joined the ranks today after starting as a half position, and BALT went full size yesterday.  Also, if you are not already aware, I am long Twitter since $51 because TWITTER TRADERS CAN’T LOSE. I am pressing longs into the FOMC with an eyeball toward the exit in this burning hot summer heat.

My book is full of winners-JAZZ and TSLA to name drop the headline standouts.  I am up nearly 15% on TSLA, a wonderful position as Elon Musk and team hurtle red tape with elegance and panache (LINK: New York-DONE).  I sold TRIP today, booking a small win.  I expected more action from the name today, and when the consolidation became very old, I bounced because it seemed much buying power had been exhausted during the chop.

The market is in aunt Yellen’s hands, all we can do is manage risk.

Do you know where your risk is?