I’d been saying for the last few days that I’d likely do some more buying if we had a -400 day on the DJIA and here are down big on the day. I’m going to take the opportunity to do open up a little more long exposure and raise some more cash from our shorts.
Pandora is down another 5% today to new multi-year lows at $9 and change, hitting the single digit target at which I’d said I would likely cover some more. I’m doing exactly that, covering about 1/2 of my remaining Pandora short position which makes it rather small now.
I’m also going to buy another 1/3-size tranche in Qualcomm, my second tranche buy.
Easy does it — we don’t have to be all in our all out. Just as usual, we want to “Trim, scale, bubble, crash, buy, sell, pop, tranche.”