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The individual names do not matter at this point, so I am going to just consider this mini basket to be "1 position". Last Thursday as the chickens were running around with their heads cut off about the "strong dollar", I was incrementally adding to my coal stakes [May 1: Incrementally Beginning to Add to Coal] so I am simply reversing those purchases plus taking out some Alpha Natural Resources (ANR).
Let's look at them as a group since that is how I look at these 4 names - I had a 10% weighting going into day with Arch Coal (ACI), Massey Energy (MEE), ANR, and Consol Energy (CNX)
They have come a long way in just a few days
ACI from $53s to $62s (+17%)
MEE from $48s to $57s (+19%)
ANR from $46s to $58s (+26%)
CNX from $75s to $89s (+19%)
Please note I did not buy at the lows Thursday, I am simply showing how far they have come in since Thursday.
Is this the top? I have no idea. That doesn't matter to me. I am taking profits out, and if they continue to run, I still have a good allocation. If they reverse and go back, I will reapply my cash at a lower price. Same thing I always do - never catching the top nor bottom, but catching the middle often.
My new allocation for this group is 6.2%. If the stock prices go higher, I'll continue to sell down. If they go lower, I'll add back. I will continue to have my goal to be, on commodity dips, to have this stake as one of the top stakes in the fund. I continue to hold my Russian allocation as well, which the market is completely missing... per usual.
Disclosure: Long all names mentioned in fund; no personal position
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This article has 1 comment:
- CrossProfit
- 572 Comments
My Website
May 11 11:44 AMThe market is for bulls and bears, not pigs!
We recently mentioned in comments on other articles that we consider it prudent to lock in half the profits on stocks that have run up 65% or more in six months or less.
CrossProfit