The markets have faded lower all day, and I’m still waiting for another whoosh down before getting aggressive in my buying. Still heavy on cash, still being patient as we scale into some more long exposure and today I’m scaling out of a little bit of short exposure.
It’s probably not a bad idea to sell some of our $IBB puts. My IBB puts were all down across the board just a few trading days ago, but we’ve now got some nice 60% plus gains in the $IBB $300 strike price January puts. I’m going to sell my January IBB puts with the $300 strikes. I’m still holding some $280s that I’ve lost money on.
Our short $GWPH continues to crash: This is probably not what $GWPH investors wanted to see this weekend. http://thetim.es/1P0wPCS
Meanwhile, there goes $FIT to the downside again. Mea culpa everybody for this horrible pick. FIT’s a smaller position for me, especially after its accelerating sell-off lately. This stock has been a house of pain and embarrassment for me so far. I just hate to sell it when I think the fourth quarter was so strong. That said, I hate losing money and holding onto losers even more. Am letting it just sit there for now.
And Ambarella is getting trashed again today, as the market hates anything formerly highflying. We first bought this stock in the low $20s and took partial profits the whole way up to $130 and have been holding a small holder position for the last few months. I’m tempted to nibble on some here, as 20% of Ambarella’s market cap is cash, and its current forward P/E 13. The problem is that I do think there might be some earnings downside potential from GoPro’s problems. I’m likely to nibble some if we see the stock stabilize here in the low $40s.