Nvidia (NVDA): Profit-Taking

Nvidia (NVDA) rallied along with the rest of the market on Wednesday following Fed Chair Powell’s announcement that smaller rate hikes may happen in December, triggering a sell order of mine which filled at $164.82, locking in a +13.02% gain on shares I bought for $145.83 back on July 1.

The sale lowered my per-share “cost” -$7.70 from -$5.75 to -$13.45 (a negative per-share cost indicates all capital has been removed in addition to $13.45 per share added to the portfolio’s bottom line in addition to each share’s current value). 

I decided to take profits sooner than I might have after NVDA sold off more than I thought it would in October, making a low at $108.13. From here, my next sell target is $226.55, slightly below a past point of resistance, and my next buy target is $109.20, slightly above Nvidia’s October low.

NVDA closed the week at $168.76, up +2.39% from where I took profits Wednesday.

Schwab (SCHW): Dividend Reinvestment

Schwab (SCHW) paid out its quarterly dividend Monday night, which, after reinvesting, lowered my per-share cost -0.28% from $71.60 to $71.40. Since Schwab held up reasonably well through the October selloff, I’ve raised my price target to $61.70, a bit above SCHW’s 2022 lows set back in May and June.

Additionally, I do plan to continue taking profits if Schwab rallies into year-end as some of the more Bullish analysts believe we will. My next sell target is around $85.25.

Skyworks Solutions (SWKS): Profit-Taking

Skyworks Solutions (SWKS) shot through my sell price target at $95.53 when the rest of the market rallied on Wednesday, locking in +18.13% in gains on shares I bought a month and half ago for $80.87 on October 11.

The sale lowered my per-share “cost” -$15.16 from -$20.20 to -$35.36 (a negative per-share cost indicates all capital has been removed in addition to $35.36 per share added to the portfolio’s bottom line in addition to each share’s current value).

From here, my next sell target is $138.70, below a past point of resistance, and my next buy target is $71.35, lower than SWKS’s 2022 lows from October and above a past point of support.

SWKS closed the week at $93.96, down -1.64% from where I took profits Wednesday.

Tesla (TSLA): Profit-Taking

Tesla (TSLA) finally caught a bid on Wednesday, triggering a sell order I had put in place which filled at $190.25. This sale actually took a -12.77% loss on some of the shares I bought over the course of the year at an average price of $218.11.

The sale lowered my per-share “cost” -$18.01 from -$26.14 to -$44.15 (a negative per-share cost indicates all capital has been removed in addition to $44.15 per share added to the portfolio’s bottom line in addition to each share’s current value).

Why did I take a loss on the shares I bought higher?

I have lost a significant amount of confidence in CEO Elon Musk following his acquisition of the social media company Twitter in the past two months. As a result of his distraction trying to run Twitter, Tesla has lost significant value with many shareholders (including myself) concerned that his relentless pursuit of notoriety is causing him to lose focus on the development and operation of Tesla.

Accordingly, I plan to continue reducing my position if Tesla rallies into year-end, with my next sell target at $229.65, slightly below a past point of resistance. Additionally, I do not plan to add to my position unless it sells off significantly to my buy price target at $63.90, a key point of support from not that long ago, actually, in June 2020.

If my position wasn’t entirely operating on profits, I’m even sure if I would remain an investor in Tesla until Elon gets his act together; the situation is truly that bad.

TSLA closed the week at $194.86 up +2.42% from where I took profits Wednesday.