As the one and only honest person in this entire industry, I am not for a second going to pretend today is going great. Indeed, one glance at one of my all-short portfolios tells you that (although, please note, some of these mega-risers like BE are new shorts I entered today AFTER the rally):
Having said that, my trading focuses on individual issues, and there have been some victories this morning, even with the market raging higher like a madman.
First up is Carvana (CVNA), against which I own a bunch of January 2027 puts. I took profits on a SMALL portion of this position, but I intend to hold on to the majority of these puts for the long haul. I have a profit of 25.6% on these puts, and judging from the well-formed diamond top, I anticipate ultimately triple-digit profits.
Second is META, which I covered this morning. The chart is an absolute mess, but for reasons I’ve hinted at here for the past year (literally) I am permanently bearish on Meta. I felt this tumble was satisfactory, so I’m out with a nice fat profit. Thanks, Zuck! Thanks, Alexandr without an “e”!
Lastly, I did a post yesterday for our beloved Gold and Platinum members suggesting they short GOOGL or, as I did, buy puts against it. Even with the /NQ up about 800 goddamned points right now, this is STILL moving the right direction. God bless it!
I have taken about a 3% hit on the day, thanks to this stupid rally, but I am using as an opportunity to re-establish good positions.
Long live Jambi.
