This Stock Has That Bullish Look In It's Eye
We're up to 8 equity positions in the HSEP with a lot of cash remaining. Those equity positions will be scaled opportunistically. This morning, I bought my new favorite idea.
It has been a busy week with Heretic Speculator Equity Portfolio already and I’ve made some moves that I believe will pay off when all is said and done. Yesterday, I added two new positions to our holdings and increased a current position by 50%. While I have a high degree of confidence in each of those ideas, the new position that I’m currently most excited about is the one that I just put on this morning. We’ll get to that position in a moment. First, the HSEP is up 3.0% on the year. This is where we stood at market close yesterday:
While that probably wouldn’t be a bad return in most years before January is even over, we are trailing the S&P by 160 bps. However, even though it is largely attributable to the now closed Coinbase COIN 0.00%↑ trade earlier this month, I think it’s somewhat impressive that we’ve been able to accomplish this 3% move with an absolutely enormous cash position:
If you recall, we started with a very modest $1,000 at the beginning of January and we’re very carefully scaling into positions. At the moment, we have a setup in the S&P that I think is favorable for bulls. We appear to be back-testing the breakout once more this morning:
I think another successful back-test of that line would be an indicator that it’s time to start going long more aggressively. We’ll see. As for the new position that I’m so excited about…
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