Coinbase (COIN): Profit-Taking

I took “profits” in Coinbase (COIN) on Friday when the stock jumped through my $84.25 sell order. It may seem counter-intuitive for me to sell any of my Coinbase shares when my cost basis was much higher at $196.75, but here’s the thing: in a little over one month, Coinbase has leapt nearly +175% from its January 2023 lows… one month. 

That kind of move obviously cannot be sustained much longer before a pretty epic correction will ensue. Additionally, I was able to lock in +106.09% in gains on shares I bought for $40.88 back on November 21, 2022.

So, even though I did raise my per-share cost +5.72% from $196.75 to $208.00, I also freed up capital I can put back to work in COIN if it does sell off. Even $208.00 represents a -49.82% reduction from where I initially opened the position at $414.54 back on April 14, 2021.

If COIN tests its August 2022 highs at $116.30, I believe it will break through to a key Fibonacci Retracement line above that high, so I do have another sell order in place at $125.20 which will sell shares I bought for $54.72 last May. My next buy target is $32.00, slightly above COIN’s all-time low.

COIN closed the week at $74.63, down -11.42% from where I took profits.

Dow (DOW): Profit-Taking

Dow (DOW) popped dramatically with the rest of the market following the Federal Reserve press conference, triggering my next sell order which filled at $60.23. The sale lowered my per-share cost -1.48% from $30.50 to $30.05.

From here, my next sell target is $62.59, below a past point of resistance, and my next buy target is $40.11, above a key level of support from 2020.

DOW closed the week at $60.00, down -0.38% from where I took profits Wednesday.

Dutch Bros (BROS): Profit-Taking

Dutch Bros (BROS) started the week off with a bang, popping on Monday’s open and triggering my next sell order which filled at $38.20.

While the small sale only lowered my per-share cost -0.42% from $36.10 to $35.95, it served the more important purpose of locking in +31.27% in gains on shares I bought a little over a month ago at $29.10 on December 19, 2022.

From here, my next sell target is $43.10, below a past point of resistance, and my next buy target is $29.20, above a key level of past support.

BROS closed the week at $38.87, up +1.75% from where I took profits Monday.

SoFi Technologies (SOFI): Profit-Taking

SoFi Technologies (SOFI) saw a huge pop on Thursday on the back of what many saw as dovish comments from Federal Reserve Chair Jerome Powell. SOFI shot through my next sell target which filled at $8.02, locking in a whopping +87.38% in gains selling some of the shares I bought for $4.28 on December 28, 2022.

The sale also lowered my per-share cost -5.38% from $4.65 to $4.40. From here, my next sell target is $10.35, a bit below a past point of resistance, and my next buy target is $4.26, a few cents higher than SOFI’s all-time low set in December.

SOFI closed the week at $7.46, down -6.98% from where I took profits Thursday.

Tesla (TSLA): Profit-Taking

Tesla (TSLA) triggered my next sell order when it popped on Thursday, with an order that filled at $171.49. The sale locked in +40.77% in gains on shares I bought about a month and a half ago for $121.82 on December 23, 2022.

The sale lowered my per-share cost -$16.88 from -$31.40 to -$48.28 (a negative per-share cost indicates all capital has been removed in addition to $48.28 per share added to the portfolio’s bottom line in addition to each share’s current value).

From here, I have no real sell targets as I wait to see where Tesla goes, so my next sell target is set at $412.96, just under TSLA’s all-time high. My next buy target is $101.85, right above the low of Tesla’s epic selloff at the end of 2022.

TSLA closed the week at $189.98, up +10.78% from where I took profits Wednesday.