With the S&P trading over 8% down off its high, turmoil in Hong Kong, Escalation in Trade Tensions, and now currency manipulation is it time to step in and buy some stocks here?
We are buying the following
Buy 50 Shares of Cisco at the market open
Buy 20 Shares of NVDA at the market open
We are also looking to sell some short term PUTS today but need the market to open first
Bitcoin continues to Rally and for investors and position traders we are looking to trim out some risk on this rally. Until the market proves otherwise we want to sell the top of the range and buy the bottom.
Sell 0.125 BTC @ 12250.00
Sell 1 ETH @ 238.00
Sell 1.5 Litecoin @ 98.00
Sell 2 XMR @ 97.00
Sell 50 EOS @ 4.46
We are selling both ETH and EOS at a slight loss here but the profits from the others more than make up for it, and we are giving the remaining positions some room to run if the market chooses so.
IF Bitcoin pulls back ETH and EOS are going to pullback as well giving us an opportunity to buy lower increasing our inventory. We may opt to not reinvest and continue to pull money out on rallies or close these positions if they do not start to perform
Vertical legs like this are generally not sustainable but there is nothing showing a sign of buyer exhaustion yet. the 12,500 is the first level we are looking to trim out some risk.
We have added 0.875 Bitcoin at an average cost of 9650 over the past month and we are going to lock in something in the event the market pulls back. If it continues higher, we are positioned and have cash to add.
We want to take money off when we can not when we have to, and this rally has provided a nice opportunity to trim out some risk. The dip in the stock market has provided us a buying opportunity and we are going to add some here.