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I am aggressively selling long positions, left and right. As I look at charts, I am terribly excited about the prospects of my shorts, and I have been augmenting those, and I am closing out many (not quite half) of my longs. Profits on those range from 10% to 40% (the lottery ones were 30% to 70%).
I would also point out that many of these longs are actually fantastic-looking shorts right now (example: PX), but I want to step back a bit before I short them. Reversing positions is risky.
Sorry to obsess over CBRL, but this is a fantastic-looking short. I am adding to my short position. Stop price=30.08.
This market is about to toss its tacos.
I have sold 10 of my 40 "lottery picks" in my IRA, leaving 30 in place with tighter stops.
The reason is simple – – – the runup in C and BAC is a bit insane. The one and only reason these companies still exist is because they are being artificially propped up by the government. The 100% to 150% run-ups in price over the past week are terrific, but I think they're about done.
I enjoyed gains of between 30% and 70% during the past week in my closed lottery plays, but the risk outweighs the marginal potential reward at this point. Mind you, I wish I'd held on to my FAS position. I bought it a week ago and sold it at a 30% profit, and it has continued to soar much higher. But the beauty of these lottery plays is that they are small enough to permit me to "let them ride" without causing undue risk.
I am sitting on a loss with FAZ, but I have added to this position today. I don't normally average down, but this is a position I believe is going to pay off in the end.
