Tuesday’s After-Hours Movers
Position: None
Tuesday’s Closing Market Stats
Closing Volume
– NYSE volume 3% below its one-month average
– NASDAQ volume 1% below its one-month average
– VIX index: down 4.79% to 17.51
Breadth
S&P 500 Sectors
% Movers
Heat Maps
Position: None
Added to Apple Short
I added to Apple ($AAPL) short at $347.16
Position: Short AAPL (S)
Now Medium-Sized SPY Short
At $770.77, I moved to medium-sized short $SPY.
Position: Short SPY (M)
Staples Are UnStable Today
* This week I warned that it was ‘too much too fast’…
I further reduced my staples exposure recently — today we are seeing a lot more pressure on consumer non-durables (($PG) -$1, ($PEP) -$3, ($KMB) -$1 and ($KO) -$1.25 (I warned about a sell off after the guide up).
From last week:
Staples Slammed
Staples (consumer non-durables) are getting hit over the last few hours.
A reminder, I am down to VS on KMB, PG and KO.
I sold out my entire PEP holdings.
I would be a buyer of the space on weakness — but not at current prices.
Position: Long KMB (VS), PG (VS), KO (VS)
Position: LONG KMB (VS), PG (VS) KO (VS)
Rising Home Inventories, Lower Prices
Wolf Street howls about rising home inventories and lower home prices:
Positions: None
Adding to Curaleaf
Curaleaf ($CURLF) has been on a mission to acquire Aurora Cannabis ($ACB).
Aurora is uninterested and it looks like it might fend off Curaleaf: “Aurora Cannabis Reaffirms Recommendation to Shareholders: REJECT Curaleaf’s Revised Hostile Bid; Preserve Opportunities for Future Upside.”
The short interest in CURLF is up by 57% in the last month to about 1.08 million shares.
Should Curaleaf abandon the proposed acquisition and if cannabis rescheduling goes through, we might see an outsized rise in Curaleaf’s shares as shorts seek to cover.
I have recently added to CURLF based on the above.
Positions: Long CURLF (S)
Short Granny
I am re-shorting ($GRNY) at $27.55.
Positions: Short GRNY (S)
Subscriber Comment of the Day
From PJM:
Apple has a new product release for touch screen macs tomorrow and has been releasing new products the last few days Ipad MIni etc. Earnings are coming up Nov. 2nd and sometimes Apple moves up into earnings. Apple is at the high end of its traditional valuation but there is a lot of positive sentiment around the new products and the new CEO most likely will be quite enthusiastic on the conference call about robust demand for the DUO etc. Pipeline of new products and product categories in 27 and 28 looks to dramatically expand from the Cook days under Ternus. That being said Apple with 5 trillion+ market cap has a lot of good news baked into the current stock price but the new products coming out in 27 & 28 could lead to further market share and stock price gains.
Positions: Short AAPL (S)
