Covered ETSY +23%
Covered CVNA -4%
Covered YELP -1%
Short SFIX @23.87
Covered ETSY for another solid swing trade. Been short this stock in the 70s, near the top. Averaging in on the way down, so although I do have a +60% gain, on average I’m closer to 25% as I built position to 4x. Stock is very weak, and will go lower. But beware of this broad market, it’s getting ready to destroy some rookie bears and will send ETSY higher. So why haven’t I covered all? If you don’t know, then trade a little more, you’ll get what I mean. Meanwhile, it tapped 30s earlier last week, and probably should have covered, but waiting for those waterfall type drops is where you make those gains that are worth the slight rebound. ETSY is a good candidate for a steep drop.
Entering a position in SFIX, which has more unusual activity. I’ve traded SFIX very successfully, and until I’m proven wrong, I’m going to continue with my reads.
Back to that idea that the market is ready to rip higher to new highs and even newer highs. As a bear/contrarian trader, I respect that. I’ve hedged with my longs, and I’m willing to cut wrong trades on stocks that are going against me, hence I covered half of CVNA for a -4% loss
… I swear, this stock has proven me wrong over and over. Keeping this position thin, like at 1/4 position, is what lets me get the trade wrong and psychological negativity out of the way so I can move on to other trades.