“Confine yourself to the present.” Marcus Aurelius
Friday saw some serious selling take hold and I had to do some myself.
Once it became apparent in the last hour that stocks were not going to make a comeback and close the day and week on a positive note I had to decide which ones to sell.
I sold my 10% weighting in SPDR S&P 500 (NYSE:SPY) from $202 at $213.88 which isn’t great considering it was up at 220 not long ago.
I sold my 10% weighting on Facebook Inc (NASDAQ:FB) at $127.65 from my $112.50 entry which is solid.
I had to sell my 10% weighting in Netflix Inc (NASDAQ:NFLX) at $96.73 from $87.75 for so, so gains.
I had to sell my 15% weighting in Hi Crush Partners LP (NYSE:HCLP) at 15 from my 14 entry for not bad gains since it is showing a major top bar from Thursdays action.
I even shorted 5% in HCLP at $15.65 since it looks to have topped.
I sold my 10% weighting in Alphabet Inc (NASDAQ:GOOGL) at $790 from my $688 buy for swell gains.
I’ve still got a chunk of stocks but they may or may not be sold early next week if this weakness continues.
I had to sell SPY today.
I really was looking for strength in the last hour but it never came so that tells me we’ve got more downside here.
That said, some stocks should hold up very well but I’m definitely got an eye out for short positions when I’m looking at charts all of a sudden.