Saturday, December 10, 2016
Joined Jan 27, 2008
6,725 Blog Posts

Sitting Tight

There’s not much on my immediate buy list here, but I like how the market is digesting recent gains. This action is healthy, and I still believe we will see another leg higher before a pullback that will take us back to 1300.

The portfolio is down today, thanks to the folks at $GNK. However, at one point today the port went positive, thanks to a spike (that faded) in $RENN and a nice move in $GIGM. The $AMZN puts also helped this morning, and sold them near the open to lock in some profits.

I’m not sure what I will do with this GNK, the other shippers are showing some relative strength, so I may hold a few more days to see what I can get back.

I still think the best place to put your money is anywhere in the precious metal arena, I’m currently long $EXK, $RGLD, & $FSM.

Here are a few other names on my watchlist: ADY, ARAY, AVL, CAM, CENX, DK, FIO, FOSL, GS, LNG, & MMR

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7 comments

  1. jason alford

    MELA
    I trimmed some in the first hour, but what you think from here RC? big Vol day

  2. Marc David

    Every night before I sleep, I pray the suckers short this tape.

    Keep shorting fools! Papa needs a new pair of lifting shoes.

    BOOLISH!

  3. jason alford

    RC,
    What do you make of the action in GNK? any thoughts of an add here or waiting it out?