Best Buy, which now calls itself an ‘online first’ retailer got a big bump on its earnings today. Then it flopped big, in-day. Then I bought. The pattern has been activated, risk the neckline.
Look, if they are going to make me a bull (or at least not let me be a bear yet) I am going to do it on my terms, which means bottom feeding. BBRY, FTEK, GOGO and now BBY… post consolidation and/or bottoming patterns.
I may choose to hold the SPY puts (currently -9%) against these stock holdings. They’re dated out far enough. Combined with other stocks held, this portfolio of ‘regular’ stocks can use the hedge for now. Yes, hedge for now while the dumbest of bulls (S&P 500 all time high close!!) enjoy the limelight. But if it looks like melt up city (market breaks up from this Robo consolidation), those puts’ll probably be gone.
