After eating a claw full of almonds for breakfast, like a bird, I felt skittish and paranoid, like a bird. Then talking to all the other birds on twitter, I felt like a fucking eagle owl from the high skies was watching us gaggle around planning to pick us off one by one. Not to eat us, but for sport. Territorial bird bastards…
I’ve backed off several of my conviction buys over the last two days. I still love the names TRIP, LNKD, ZNGA, YELP, VHC, ADS, RAX, Z, P, and AMZN. They’re good names. And sexy! Several of these names are extended though, and near the top range of where I expect them to trade over the next five to ten trading days.
My thesis is one of long term. But as we enter the low volume choppiness of summer markets, I want to be nimble. My cash position is north of 45% and I added some funds into AWK aka cash. My current holdings in the web/social space by weight, are as follows:
TRIP, LNKD, P, AMZN, RAX, GSVC. I still own UPS also and plan to be grandpa on the porch patient with adding exposure to the name. However, I foresee opportunity to buy the name lower.
I took the 5% gainer I had from yesterday morning’s VHC purchase as a gift horse, and didn’t look twice, sold that shit. Zillow is the first company I want to buy back into. It was just behaving a bit Travolta today, and I don’t feel like having the pleasure of a reverse massage handie next week.
I’m quite enjoying the resilience of TRIP to the downdraft in PCLN. I expected to see some pin action scaring speculators out of the name. The relative strength keeps me confident the stock will trade higher.
I will begin sizing back into the names I watch on constructive looking pullbacks. As always, you will be the first to know by keeping @twosmuth on your stream.Comments »