JP Morgan Chase (JPM): Profit-Taking

Last week’s overpowering rally was so strong that even the beaten-up financials got taken higher. JP Morgan Chase (JPM), the best-in-breed in the space, saw huge gains, hitting my next sell target on Friday which sold 8.74% of the position at $152.81, locking in +15.21% on shares I bought for $132.64 on January 24, 2020.

The sale lowered my per-share cost -20.08% from $49.36 to $39.45. From here, my next sell target is $159.37, just underneath the next point of resistance, and my next buy target is $101.82, above the low JP Morgan saw in 2022.

JPM closed the week at $152.82, +$0.01 from where I took profits on Friday.

Logitech (LOGI): Profit-Taking

When the markets rallied on a cooler-than-expected CPI print Tuesday morning, Logitech (LOGI) triggered my next sell order, selling 2.56% of my allocation at $83.51 and locking in +88.83% in gains on shares bought for $44.23 on October 2, 2018.

The sale lowered my per-share “cost” -$1.46 from -$3.35 to -$5.63 (a negative per-share cost indicates all capital has been removed in addition to $5.63 per share added to the portfolio’s bottom line in addition to each share’s current value).

I’m a huge fan of Logitech – both the company and its products – however, this monster has seen a huge rally. In fact, it’s up more than +57% just since June. Accordingly, I felt it was time to reduce my allocation by trimming, even though the position is nowhere close to exceeding my target allocation size. From here, my next sell target is $94.92, slightly below a past point of resistance, and my next buy target is $54.14, above the low Logitech saw in June 2023.

LOGI closed the week at $85.05, up +1.84% from where I took profits Tuesday.

Morgan Stanley (MS): Dividend Reinvestment

Morgan Stanley (MS) paid out its quarterly dividend on Wednesday, which, after reinvestment, lowered my per-share cost -1.06% from $68.75 down to $68.02. Thanks to the impressive support it found above my cost basis in its last selloff, I’ve raised my next buy target on MS to $69.46.

However, since the financial sector, in general, and Morgan Stanley, specifically, have proven to be incredibly volatile later, I will take profits if MS makes a try for a recent point of resistance with my next sell target at $88.91.

Nvidia (NVDA): Profit-Taking

Naturally, Nvidia (NVDA) was one of the biggest movers after the cooler-than-expected CPI was released Tuesday morning, rocketing through my next sell order which filled at $496.42, selling 7.60% of my allocation, and locking in +3,067.96% in gains on shares I bought for $15.67 when I initially opened the position on September 6, 2016.

The sale lowered my per-share cost -$62.17, down from -$259.28 to -$321.45 (a negative per-share cost indicates all capital has been removed in addition to $321.45 per share added to the portfolio’s bottom line in addition to each share’s current value). 

To be clear, I’m obviously still long-term bullish on Nvidia and believe in it for the long-term, however, with Nvidia reporting earnings next week, I felt it was more than prudent to take profits. Particularly, since, despite taking profits, Nvidia not only remains the biggest position in the portfolio, it is still overweight at 7.51% in a portfolio where the target position allocation is 7.14%.

My next sell target is tentatively set at $599.36, below the $600 price target some more bullish analysts have for the stock, and my next buy target is $322.47 a price calculated using Fibonacci Retracement, and right around a past point of support.

NVDA closed the week at $492.98, down -0.69% from where I took profits Tuesday.