FNGD is at $10.61
I’ll add a 3rd FNGD position to short big tech with leverage. No stop.
That position is up over 9% in 6 weeks.
MSOX i3 m1, turning long term bullish
Madness reigns, so I’m doubling my FNGD position
That post aged especially well, given MSOX (a levered Cannabis ETF) rallied as much as 80% since that call.
The FNGD position is up 18.5% in three months.
These results shorting big tech via FNGD are excellent, especially for such a short holding time, and even more so after fantastic gains being long big tech earlier this year.
I’m closing both those additional FNGD positions now, still leaving the original FNGD entry open.
I’m also still hedged via TZA levered short small-caps, currently up almost 12%
The 2nd TZA was closed recently for a gain of 16% in just 5 weeks.
Do I think markets are anywhere near a bottom, after posting strident warnings the past few days? No, not even close. I’m being prudent, while still having a large short component overall in the One And Done portfolio even after closing these positions.
Recapping my reasoning for trimming back, stated in a post last week:
For hedging, several positions remain: 1 TZA, and 3 FNGD (levered short on big tech), plus shorts in crypto, Tesla and Disney.
On DIS (Disney) I’m lowering my stop again, now covering after a daily close above $86
I’m also closing the two additional URA (Global X Uranium ETF) positions.
One is up 18% in under 5 weeks, while the other’s up 21% in 2 months.
Considering the latter was purchased with proceeds from a BNKU position that had just gained 31% in a few weeks, that’s a massive compounded gain for such a short holding time.
It’s about process and prudence.
Remember my four P’s for success in speculating: Patience, Prudence, Process and Persistence.
We were patient waiting for ideal entry points; I was emphatic that the setup in uranium looked fantastic at the time. Persistence and process meant adding positions, and we did. Now process and prudence requires trimming back a bit.
It takes money to make money, and by reducing positions - long and short - there’ll be cash on hand for better setups ahead.