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Well, my 100% gains in Abercrombie & Fitch (ANF) puts are about to become over 200% gains.
Long-time readers know that for many weeks, I’ve been hyping the oversexualized ANF as a great short, since it has historically fallen hard from its overvalued prices to the depths of Sumerian darkness. In recent months, my x-ray vision spotted a descending channel that I’ve never seen mentioned anywhere else.
I know how it feels. Oh, yes, I know all too well.
There you are, watching things go your way. You can practically taste it. All you need is a breakout. And – – it DOES break out! Yes! We’re gonna scorch those America-hatin’ bears. Jim Cramer wins! Cathie Wood wins! Oh, yes!
I am doing a little trimming here and there this morning. My cash is up to 17.7%. An example of what I’ve taken profits on is Abercrombie & Fitch (symbol ANF) on which I own August 19th $40 puts, which are up 77% from my purchase. I have sold 40% of the position based on this midline touch, but I’m sticking with the rest.
I stayed in bed for this one, folks.
Don’t let my suave demeanor fool you. As you well know, I am massively, massively, massively short this market, and having a binary event like the CPI come out had my heart racing. I literally pulled the covers up, gripped the iPhone, and let my three dogs surround me to guard my spirit.
Let’s just say it worked out……….
You all KNOW how many months I’ve been looking forward to this.
I am jacked to the tits.
