Shorting More JOET
I’m shorting more $JOET based on my reasoning last week.
Position: Short JOET (S)
Scaling Into More Index Shorts
With S&P cash +63 handles I am scaling (slowly) into more index shorts:
* $SPY $738.98
* $QQQ $719.45
Position: Short SPY (VS), QQQ (VS)
Managing Marijuana
I have once again (as I did several months ago) moved my entire position in $MSOS into individual cannabis equities — preferring to identify those specific companies that will most likely benefit from a rescheduling of medical marijuana and adult recreational use.
This allows me to weight those companies as I see appropriate and not be subject to the decision of the MSOS manager — who has a portfolio that includes not only companies that may not survive but also some larger companies that I believe to be disadvantaged in the future.
Position: Long CURLD (S), TRVL (S), GTBIF (S), TSCNDF (S), VRNOD (M), GLASF (S)
New SpaceX Trade Idea After Charter Communications Report
Elon Musk’s aerospace firm is now headed to a prestigious index.
Back Shorting the Indices
Back shorting the indices with S&P cash +55 handles:
* $SPY $738.14
* $QQQ $718.32
Position: Long SPY (VS), QQQ (VS)
Tesla Connection Could Add Spark to This Micro-Cap Energy Play
Early strength is being sold on Monday morning, and I’m staying defensive, but have my eyes on building this micro-cap position.
An Observation
The markets are behaving as I thought in my column on instability last week.
That is, abrupt swings, have become common place.
Again, with machines all on the same side of the boat and passive strategies so dominant, mini flash crashes or a “Volmageddon” or “Black Monday” (October 1987 event) are an increasingly possibility.
Position: None
Late Morning Market Stats and Charts
– NYSE volume 5% below its one-month average;
– Nasdaq volume 15% below its one-month average;
– VIX index: up 0.16% to 18.44
Positions: None.
Tech (XLK) Vs. Financials (XLF) vs Consumer Discretionary (XLY)
Chart from 10:27 a.m. ET.
Positions: None.