It’s been a really good day, and although I’ve left almost all my positions intact, I have closed out a few. One of them was Chicago Bridge & Iron, which I closed because it came close enough to filling its gap (and making its measured move) that I figured it was sufficient. I’ve mentioned CBI a couple of times in the past, and this was a very clean set-up. However, when it’s this stretched, it’s time to cash out.
On Saturday, I did my “Saturday Sooners” post, which – at the top of the list – included BancorpSouth as a short pick. Here we are on Tuesday morning, and plunge-a-roony. It’s a great example of a head and shoulders pattern in action.
The markets aren’t exactly a rich, loamy soil for planting prose these days, so I was trying to think of something to write about this weekend. I glanced at my bookshelf and noticed a favorite of mine, The Fourth Turning: An American Prophecy – What the Cycles of History Tell Us About America’s Next Rendezvous with Destiny, which a couple of readers have mentioned to me again recently. I grabbed the book on the way out the door, thinking it would be a terrific thing to write about.
With the thousands upon thousands of posts I’ve done on Slope, I often forget what I’ve written about in the past, and this was no exception. Before I started putting together my long post on the book, I did a search for “Fourth Turning”, and voila – - been there, done that.
On re-reading what I wrote nearly two years ago, I noticed a few things: (more…)
I am very pleased to see Discovery Communications (which I’ve suggested shorting repeatedly here and on Tastytrade) is beginning to break down in a meaningful way.