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Trade Alert: Trimming and hedging into the euphoric rally (and I’m now bullish on some pot stocks)

October 11, 2019 by Cody Willard Leave a Comment

Back about six weeks ago, on a Friday afternoon of August 23, the markets got crushed because of a Grumpy Trump Tweet about the trade war with China. As I tweeted at the time:

“Methinks it might be a good time to buy when the markets are down 3% because of a Tweet.”

I was much more detailed in my Trading With Cody Trade Alert at the time:

“I’ll write more about this stuff this weekend, but I wanted to get this Trade Alert out while the markets are in panicky sell-off mode. I’m covering a little bit more of some of my index shorts, like the SPY, IWM, SMH, but just about 20-30% of each of them. I’m leaving most of the the index puts in place but am trimming maybe 5-10% of the puts too.”

Cody back in real-time October 11, 2019 now. The Nasdaq was 7500 when I wrote that. Today, the Nasdaq is up 2% because…buzz is the trade war with China is getting, well, “better,” I guess. The Nasdaq is up over 5% from that day also.

So you might can guess that I think it’s a better time to trim than to buy when the markets are up 2% on good vibes and little substance of headlines about the Trade War.

I’ll write more about this stuff this weekend, but I wanted to get this Trade Alert out while the markets are in euphoric rally mode. I’m just going to trim a little Apple and am adding some more hedges by shorting and nibbling some index puts on the SPY, QQQ, IWM, SMH and IGV. 

I leave you with this thought:

After being a bear on Cannabis Stocks and calling it A Marijuana Stock Bubble for the last few years, I’m getting warmed up on the sector. I’d rather buy MJ, CGC, CRON and GWPH than short them now. Lots of pot stocks remain good shorts, such as APHA and maybe VFF (I’m not short any of them though). 

Related posts:

Trade Alert - Earnings recap and adding to Qualcomm
Trade Alert: Adding to this storage position
Trade Alert - Tesla crashes, we mostly move on
Trade Alert - Earnings round robin tournament
Trade Alert - Scaling into one of our alternative energy ideas
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Filed Under: Trade Alert

Disclosure: At the time of publication, the firm in which Willard is a partner and/or Mr. Willard had positions in some of the stocks mentioned above although positions can change at any time and without notice.

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This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or cryptocurrency or token any other product or service by Cody Willard or any other third party. Furthermore, nothing in this is intended to provide tax, legal, or investment advice and nothing in this should be construed as a recommendation to buy, sell, or hold any investment or security or cryptocurrency or token or to engage in any investment strategy or transaction. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.

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