US stock market had seizure on Friday, slumping below key technical support in key indices.....
How low can we go.....
200 DMA is considered a major support.....
Most traders were " fully aware of this frothiness "
Just lie low until this selling wave passes.....
Switch to better quality stocks after this selling.....
YES I did add to my existing position.....
Here is how my last week ended :
Last week Down 6.65%
YTD UP 33.28%
Here is my portfolio weighting based on 65% exposure :
UBER 29.39%
GOOG 24.88%
AAPL 23.43%
CRCL 15.21%
SMCI 7.09%
BLOG does NOT give to buy or sell.
Saleem
Hi Saleem,
ReplyDeleteLast week: -7.38% (YTD: -12.94%)
Portfolio Leaders: DAVE
Portfolio Laggards: FATN AEVA ASPI BITU
It was a rough week for the markets and the portfolio (although I was out of town so I didn't "feel" it quite as much). Some much needed profit taking, albeit as a result of very poor jobs numbers, saw big declines in some stocks and leaves us wondering where we go next. I will contend that slow growth economies are actually best for many high fliers as lower interest rates and concentrated positioning leads to many alpha opportunities. I also think that a cooling economy could finally squash the inflation bug that has persisted since covid. I don't want to overreact to any single data dump, but I have seen anecdotally around me that the job market was weaker than the numbers initially indicated, so this does not come as a surprise to me. Even if the timing caught some off-guard, I think this was the biggest risk to the economy anyways, so the portfolio is mostly positioned for this situation. I may need to re-evaluate some of my more economic sensitive names, but overall I am comfortable with where the portfolio sits. This week sees MANY earnings reports and I look forward to evaluations and fresh inputs for many of my companies.
Holdings: DAVE LFMD FEIM UPST OSIS CVCO ASPI MGNI BITU III SSYS AEVA FATN, cash 0%
Stocktrader
Hi Saleem,
ReplyDeleteSold FEIM @ 27.35
Bought SNAP @ 9.51
Added to AEVA @ 15.29
This is a swap for SNAP's earnings tomorrow and with FEIM already announcing and having a nice run. I also added to AEVA because I think the stock price has overreacted to the downside.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with SNAP & more AEVA....
Saleem
Hi Stocktrader,
ReplyDeleteGood luck with more SNAP, AEVA, and all the earnings this week.
Simon
Hi Saleem/Simon,
ReplyDeleteSNAP: tonight
UPST: tonight
LFMD: tonight
DAVE: tmrw morning
MGNI: tmrw night
III: thu morning
A lot to sift through...
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with all earnings.....
Saleem
Hi Saleem,
ReplyDeleteLFMD long term growth strategies in place, short term hiccups, i think it's an overreaction and may add tomorrow.
SNAP still can't seem to monetize and US user growth may be plateauing. It's probably a sell for me tomorrow.
UPST was a fine quarter and seeing a little profit taking in after hours. I will hold that position, watching broader economic conditions as one of the main risks.
Stocktrader
Hi Stocktrader,
ReplyDeleteThank you for LFMD, SNAP, UPST inputs.
Simon
Hi Stocktrader,
ReplyDeleteEarning reports are always challenging....
Good luck with your decision....
Saleem
Hi Saleem,
ReplyDeleteSold SNAP @ 7.42
Added to LFMD @ 7.27
Added to DAVE @ 202.14
Added small to ASPI @ 9.95
Stocktrader
Hi Salem & Stocktrader,
ReplyDeleteSold SNAP @7.45
Simon
HI Saleem,
ReplyDeleteSold UPST @ 73.36
Added to DAVE @ 190.84
Added to BITU @ 55.80
Added small to ASPI @ 10.14 and AEVA @ 14.08
This is a relative value trade mostly where UPST was fine but DAVE was very good and is getting hit too hard. Also, I wanted more BITU exposure and this was the chance. ASPI is looking very good on the chart and AEVA is looking very bad on the chart (hence, a good add for a solid long term name).
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with add-on ASPI DAVE LFMD
Saleem
Hi Simon,
ReplyDeleteSNAP just can't find the formula to monetize its nearly 1B MAUs. It's a shame really, but it's the reality.
Stocktrader
Hi Saleem,
ReplyDeleteSold OSIS @ 221.58
Bought BKSY @ 18.61
Swapping a "trade" for a long term idea given the prices currently. I will probably do the same with MGNI tomorrow.
Stocktrader