A Slight Scent of Bear in the Air
Ugly action feels much worse if you have no flexibility. Here’s what I’m doing.
Things I Did Yesterday
Here are Monday’s things:
* I reshorted the indices after the market closed last night — $SPY at $767.32 and $QQQ at $717.13.
* I added to my $MSOS common at $4.94 and call long positions (slightly out of the money for September and October).
* I added to $VRNO at $6.12.
* I initiated a very small $GLD long at $405.42 (which I added to overnight at $401.28).
* I added to my $CRM short at $260.24.
* I reshorted the private equity space — $APO at $137.61, $BX at $142.94 and $KKR at $110.63.
* I reshorted $CRWV at $85.02.
* I reshorted $JPM at $356.14.
Long MSOS common VL calls S VRNO S GLD VS
Position: Short SPY (S), QQQ (S), CRM (S), CRWV (VS), APO (VS), BX (VS), KKR (VS), JPM (S)
Nvidia’s $500B Plan, Intel Raises Cash, Iran Digs In
Here’s my take on Intel after it taps the capital markets, that huge Nvidia plan, and the lack of a deal with Iran.
3 Longs Liquidated
I have liquidated my three private equity stock (long) positions after a strong run recently:
* $APO $129.72 (+$4.13)
* $BX $134.58 (+$8.12)
* $KKR $107.12 (+$5.69)
Position: None
Examining ‘Group Stink’
* And fading it…
I don’t own and am currently short (and have been recently short C, JPM, GS, MS, UBER, NFLX, homebuilders, etc.) some of the most consensus sectors.
I am long some of the most non-consensus sectors.
Consensus Longs:
* Memory: SanDisk ($SNDK), Micron ($MU), Intel ($INTC), AMD ($AMD), Applied Materials ($AMAT) (“it’s different this time”)
* Value Tech: Adobe ($ADBE), Oracle ($ORCL), ServiceNow ($NOW) and Nvidia ($NVDA)
* Tech With Biggest Moat: Apple ($AAPL)
* Value Industrial: Caterpillar ($CAT)
* Best Overall Value: Homebuilders
* Streaming: Netflix ($NFLX)
* Autonomous: Uber ($UBER)
* Entertainment: Disney ($DIS)
* Financials: JPMorgan ($JPM), Citigroup ($C), Goldman Sachs ($GS), Morgan Stanley ($MS)
* Frontier Exposure “For The Long Haul”: SpaceX ($SPCX)
Non-Consensus Longs:
* Cannabis: $MSOS, $VRNOD, $TRLV, $GTBIF, $GLAS
* Private Equity: Apollo ($APO), Blackstone ($BX), KKR ($KKR)
* Consumer Staples: Kimberly-Clark ($KMB), PepsiCo ($PEP), Procter & Gamble ($PG)
Positions:
Long MSOS (L), VRNOD (S), TRLV (S), GTIBF (S), GLAS (S), APO (S), BX (S), KKR (S), KMB (S), PEP (S), PG (S)
Short SPCX (VS), SNDK (VS), MU (VS), INTC (VS), AMAT (VS), AMD (VS), CAT (VS)
Financial Services Shorts
I am now short C ($C) and JPM ($JPM) against my private equity longs ($BX), ($KKR) and ($APOL)
Positions: Long BX S KKR S APOL S; Short C S JPM S.
PE Additions
Added to private equity longs – all of them are a couple off the intraday highs:
* BX ($BX) $121.64
*KKR ($KKR) $94.26
*APO ($APO) $118.95
Positions: Long BX S KKR S APO S
Adding to 3 Longs
I’m adding to private equity longs:
* $APO $118.22
* $BX $119.37
* $KKR $92.44
An investment and not a trade.
Position: Long APO (S), BX (S), KKR (S)
We’re Unwinding Our Hedging Positions, Adding to Two Others
Catalysts behind the Portfolio’s inverse ETF positions continue to fall to the wayside.