Coming into the day 100% long I expected to get a worse beating than this. The broad markets are down today and it’s taking most of my portfolio with it. Before it had a chance to sink me to a -2% day, the stock gods blessed me with a manic 8% run in TSL, my former largest position mind you. Former, mind you, because I scaled 1/3 off at $5.75. I told you hoping any home gamers would do likewise. I sold Goldman too, all of it, because if any sector is due for correction it’s the financials which have been on rip for three months. All this action raised my book to 15% cash going into the gap fill lower. We talked all about that too.
Expect my tenor when addressing you to change modestly going forward. My days of being premier in these halls are numbered. And that’s fine. I will add this feather to my cap and continue on my merry way (no homo). As a trader you must always stay humble to the markets. They are much larger than any one of us. They are the collective action of trillions of dollars sloshing around, much like the tides of the oceans. I will continue to be water, but I hate all of you. Well, most of you.
The levels we currently are experiencing were highlighted this morning. So far, no real damage has been done to the bull case. We’re in a big range and we’re near the bracket low. This could be an excellent buying opportunity. I would like to see the NVPOC I mentioned earlier get tested. That’s an interesting price level that could display a high degree of sentiment.
We have ZNGA reporting tomorrow and that’s sure to disappoint many social degenerates. I plan to hold some long exposure through their earnings because MJNA is ripping and the CEO of this company promotes the use of MJNA declaring 4/20 a work holiday. Good for you.
Bottom line: this sell off is contained until it isn’t, readers want to throw mashed potatoes at each other rather than banking coin, and marijuana is my basis for speculating ZNGA rips post earnings.
As of this writing my book is down 1.2%Comments »