My equity purchases from yesterday proved to be tremendous performers under this tape… ELLI +7.5%, EXK +4.5% LYB +3.2% ESRX +2.7% SWHC +1.8%
I pressed my bets on these top performers.
I also added a couple new positions today.
Going into Turkey week I am 50% long… with continuation of strength early next week I will deploy the remaining cash into existing positions and may add some new ones.
Deep down inside I want to be long AAPL but I can’t seem to pull the trigger with conviction because I see no immediate support levels underneath this price, just a lot of air pockets. The valuation on AAPL is attractive, they still have excellent products, strong margins, and an extremely well capitalized balance sheet … the problem is it is owned by nearly every retail investor, hedge fund, and mutual fund… all of which have been heading for the exits at the same time. Technically it is absurdly oversold, so I am not going to be looking to pick the bottom on it… when it is ready to move higher there will be plenty of opportunity to get long.
Make your sacrifices to the Turkey Gods this weekend… Next week will be fun.