Yesterday Investor’s Business Daily lowered their market status to “uptrend under pressure”.
- Valuations are high
- Wall Street is jittery that the Fed will raise rates
- Politicians are taking swipes at pharmaceutical companies
So in general, conditions are ripe for an end-of-summer swoon.
Today I sold BABA & EWL to lock in profits. Both look like they’re consolidating lower after hitting a high in mid-August. I held these positions for about three and a half months as part of a “landmine” strategy.
EWL had a total return (including dividend) of around 4% and BABA was stellar at over 18%. My landmine approach was conservative but still profitable, I remain holding SBUX & DIS as part of that purchase. I’m also holding DNO & FXB for speculation on Oil & BREXIT; and a long term hold on WMT.
With 20/20 hindsight, my regret is that I didn’t buy 100% into the post BREXIT dip. Sometimes caution is the better part of valor.
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