Stocks are strong right out the rip this morning, with the S&P tide pushing all these jet boats (momo stocks) higher.

In the futures, I’ve traded four contracts, all to the long side, earning 1.5 handles, 3 handles, 1.5 handles, and a runner.  UPDATE: Closed the runner, 3.25 handles.

I kicked out SAM after initially thinking I would make it an investment.  I don’t want to be invested in SAM.  I like Pabst if I’m going low end, New Castle if I’m being normal, BUD for sports drink, and anything brewed at the micro capacity from Michigan all the time.  So why own SAM?

I sold LOCK too because it had a chance to be great and it decided going sideways was cool.  What a wimpy stock.

The solar trade is complete madness.  I love it.  These ‘late stage” conditions give a huge edge to the small trader who can ferret in and out of the crazy names.  My wild boy is Scotty.  SCTY is the proverbial stone that kills two birds, giving me a piece of Elon’s sweet ass and solar exposure. With that in mind, I’ve taken two scales, and am down to a runner on SCTY. You guys are crazy so I want to see how far your crazy gets me.

Don’t sleep on JRCC, it’s way out of balance after we learned Friday that they bought a little more time in their debt structure. I want to see the imbalance push higher, obviously.

New longs are YELP, and CRZO and cash is low low low, 25 percent.

 

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Sometimes you have to let a trade effervesce, gently bubbling higher.  Such is the case with LOCK, apparently.

Other times you give the trade room, and only offer it your left hand.  This is how I’m getting back into my good friend RGLD, our favorite Senator’s mining situation.

Then there’s downright degeneracy, demanding nothing but instant gratification because well, you’re a degenerate and want it NOW!  If you bought SCTY this afternoon and didn’t have this mentality, I tip my hat to you and your courage.

Let me be frank for a moment.  This has been a fantastic, albeit slightly frantic, day for the bulls and America in general.  These markets are enfuego, IN MAY.  I really hope portfolio managers took their stupid axiom to heart and missed all this capital appreciation.  For I hate them, mostly.

Raul worked in the financial services industry once.  Let’s just say there wasn’t enough trading, if you know what I mean.

My happy place is buying and selling things, all the time, like one of those Pawn Star folk.

Into the weekend, my cash is down to 30 percent.

I’ve put a shit ton of longs on, more than I can properly manage.  This weekend, I’ll be ranking these and consolidating them down.  But as it stands, here’s the look, by size:

Trades: FB, ANGI, SCTY, JRCC, RGLD, GS, HAIN, LOCK, RGR

Investments: SAM, CREE, AAPL, AWK

If you follow along on the Twitter you’ve seen these things come on, you’ve seen me scaling them down, and now I bid you adieu.  I’m off to fillet and eat one of my minons.

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No future trades to report this morning as my attention has been on equities.  They S&P is trading inside yesterday’s value and has shown directional conviction to the upside.  Keep in mind however, that there’s still a gap trade open—which would see price back down to 1649.50.

I had to get a scale off on JRCC this morning after their debt restructuring announcement sent shares soaring over 20 percent higher in early trade.  Since then, I’ve been monitoring a few names, looking for upside action.

Top pick going into lunch: $LOCK

I have The PPT feeding me lots of good looking charts, I’m working to boil it down to one or two.

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The market is digesting the gains bulls achieved earlier in the week with a consolidation today.  There isn’t a doubt in my mind that we’re overbought here.  But we simply haven’t seen any high volume distribution.  It’s just one rotation after another from extended stocks to the ones setup below.

I’m putting money in several names, looking to catch the next rotation.  I’ll be honest.  I don’t know where it will be.  My two primary rotational plays are LOCK and JRCC.  Lock is up over 10 percent this month but hasn’t pumped alongside the overall market this week.  JRCC is coal, so who the hell knows if it will catch a solid bid?

HAIN keeps marching ahead and I’m giving it space, but may take another scale soon.  I can’t resist booking gains.  The downside is I wind up with little fragments of runners in my books.  Current runner fragments include FB ANGI GS and RGR.  I’m considering adding to FB and RGR, but not ANGI up here.

My long term plays are AAPL AWK CREE and SAM.

My dog today is JOEZ jeans.  It needs to shape up soon or I’m cutting.

Cash is dwindling, down to 38 percent.

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