I have been very busy today, busier than most days, thus I must apologize for not being more active in my local feeds. I have, however, been working on selling down positions all day inside of the pelican room.
I am working down to my favorite positions, after building too many, into a tape I perceive as weak. I have sold the following:
Scaled some FB for a solid win, stopped out MCP, TRLA AREX, SINA, and GOGO.
There are more names on the chopping block, too. The above, however, were of no use to me any longer. With GOGO, it was an emotional decision and I will be the first to admit that. I have made wonderful gains trading GOGO, and I became complacent. I bought the earnings dip and have taken heat ever since. It is nearing a buyable level, but I can always buy it back with a fresh costs basis.
These sales have brought cash to 26 percent. This puts me in a solid position to buy more of my favorites, like TSLA, FB, YELP, AMBA, FSLR, ANGI, and YGE.
The LED trade needs to turn the lights on. Believe me, this can turn fast, we are in a seasonality sweet spot with these names through March. That being said, the CREE chart, my favorite company of the lot, looks like poop.
Elroi took a winner premarket and is thus green for February. He has done nothing since.
Pot stocks are all the rage, look at PHOT and HEMP go. Then if you’re feeling left out, consider buying MDBX or MJNA. Then realize you’re dumb, and should probably allocate said funds to starting your own narcotic venture. Then realize ultimately that this is all federally illegal and go fuck yourself.
Finally, for anyone saying I was calling for a bottom, please read the following except from this morning’s market analysis:
“The other possibility is we have not even begun to see panic. If this is the case, the market should accelerate rapidly to the downside, soon, blowing through intermediate term and long term control. This is very much a possibility and a would be remiss to ignore this possibility. I have a line in the sand at 3440.50 but should price begin accelerating violently to the downside, I may begin reducing exposure well before then.”
I am bracing for more pain.
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