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It’s normally agonizing to be in an airplane seat without a dozen computer screens near me. Doing content on a laptop is quite claustrophobic, but things are going so swimmingly today that I’m not too grumpy about it. I’m already fully invested, and my bearish positions are doing great. Below are a few favorites at the moment.
Well, here’s another trophy to crowd into my Right Call But Not Patient Enough hall of fame: Axon Enterprises (symbol is, you guessed it, AXON). Between yesterday and today, almost four months of price action has been laid waste. I guess the government isn’t planning to shoot as many illegal aliens as it hoped, because the stock became a gusher in the days after the election.
I have purchased August $67 puts on Super Micro Computer Inc. (SMCI, whose name sounds straight out of 1982). It has rallied about 200% over the past three months, largely out of joy that it isn’t going to get delisted (which was a real concern then). My view is that the gap at 65.86, as well as the descending triangle, make a formidable right triangle top, and that this obscene rise in price is close to an end. I might be a day or two early with this one, but that gap level is the key.
May I suggest this homebuilder as a bearish position (BZH):
