Sitting in the Tall Grass

Before the close yesterday I took a floater, a 1% sized position, in $WW on the hunch that the news of them getting into the fat people drug business would buoy shares in the after hours. Not only was I right, I was exactly right.

I booked at trade in the pre market +58%.

Other than that, my positions were mostly listless, as is the case sometimes. Markets have gone straight up since morning yet my gains sat at only +50bps. So you know, I have a habit of selling my losers during most mornings to escape the pangs of despair or extended sell off at the opening hour.

I had a choice to make: chase the market and try to scale the +50 into +100bps using my cash or selling everything and reassessing. I decided to book it all, locking in the return, sitting in the tall grass eagerly waiting for meat to pass by.