I just wanted one parting shot about our success with auto retail stocks – – it seems to me that, for now, this play is over and done with. The measured moved – – – ambitious at the time, but reality now – – has played out beautifully. How I envy those who had puts on this monster!
So how many times have I touted auto-related retail stocks on the short side here on Slope or on Tastytrade? A hundred? A thousand? Suffice it to say……..a lot. Here we go…….
Triple-bearish-on-energy symbol DRIP is the gift that keeps on giving (in addition to ERY). Trade of the year!
Oft-cited short idea Brinker International is really starting to kick in now, with a beautiful gap down and a drop of over 6% this morning. Rest assured, I’m holding on to this one.
I mentioned a couple of times earlier this week that I had done something which I hadn’t done for years – – bought an options position. Specifically, I bought a big slug of $143 QQQ puts, expiring July 21st. Well, I just sold ’em, and it worked out nicely (I did this screen grab a little earlier; I actually got out at $3.00, higher than shown here).
I know most of you are fancy-pants options traders that do sophisticated positions, but I’m just a dumb old bear.
Oh, and one other tip – – now that I’m out, I can assure you that the NASDAQ is going to completely crash sometime between now and July 21st. God has a riotous sense of humor.