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.
In spite of a VIX scraping zero and a SPY that fell all of nine hundredths of a single percentage point, my lovingly-crafted portfolio had a good day. I gained 1.6% on the day with my entirely short portfolio, and my “ETF Only” portfolio hit a lifetime high in value. It comprises a mere three instruments: DRIP, ERY, and FAZ. Those are all triple-leveraged.
Those energy ETFs are particular favorites of mine. Here is one of them, which is about to reach escape velocity away from its cup with handle pattern:
It’s been a GREAT day so far, with oil fueling the fire of my short-sale profits. Unrelated to that, a Sloper (with whom I correspond via email) brought the stock FIZZ to my attention. It has, as you can see, been ascending mightily, and yesterday, for the first time ever, I decided to short it Just For the Hell Of It. So far, so good! I got lucky.