October 4, 2019 

Portfolio Allocation

Current Position Performance

Highlights from the Week

Biggest Winner: Tradeweb Markets (TW)

After taking it on the chin over the past few weeks, Tradeweb Markets (TW) finally bounced, grabbing a +8.57% gain to earn this week’s Biggest Winner spot! It seems that the market remembered that TW is one of the only IPOs that actually has a profitable business model, and, wait for it, is actually making profits, to boot!

Biggest Loser: Iridium Communications (IRDM)

While the entire stock market got thrown all over the place this week, Iridium Communications (IRDM) got hit particularly hard, losing -4.69% and earning its spot as this week’s Biggest Loser. I’m looking into why, exactly, IRDM got hit so hard. This week, IRDM announced a new government contract and also received a decent rating from Moody’s who believe the outlook is stable for IRDM.

This Week’s Trades

Canopy Growth Corp (CGC): Added & Reduced Position

Canopy Growth Corporation (CGC), the Canadian consumer cannabis company, once again fell below $24.00 on Monday, triggering a buy order I had in place at $23.22.

On Wednesday, CGC fell even further on disappointing earnings from other Canadian cannabis companies combined with the market-wide sell-off, triggering a buy order I had in place at $20.88. The order solidified my per-share cost at $20.92, a reduction of -45.35% from where I first opened a CGC position in my Trades in Play portfolio on August 21, 2018 at $38.28 a share.

On Thursday, CGC popped along with the rest of the market, leading me to sell some of the shares at $22.78 which I bought on Wednesday, locking in a 9% profit in one day and lowering my per-share cost just a little over 1% from $20.92 to $20.69. More importantly, the move capitalizes on what could be a short-term bounce to free up investment capital to put back to work if the market sees another dramatic push down.

My next buy target for CGC is $18.88.

CGC closed the week at $22.92, up +0.61% from where I sold on Thursday.

Gossamer Bio (GOSS): Added & Reduced Position

Gossamer Bio (GOSS) collapsed through its all-time low of $15.59 during Tuesday’s selloff, triggering a buy order I had at the far-too-high price of $16.03. The order lowered my per-share cost 3.05% from $17.07 to $16.55.

Since GOSS dropped to $15.45 on Tuesday – below its previous all-time low of $15.59 – I lightened up some shares on Wednesday at $16.70 when GOSS saw a bounce in the midst of a raging market-wide sell-off, lowering my per-share cost marginally to $16.52 but lowering my allocation to free up capital.

I have a new order to replace the shares I sold on Wednesday at $15.47 if GOSS pulls back to that level, as well as a more substantial buy order in place at $13.87 (slightly above a key Fibonacci Retracement level) in case all Hell breaks loose and GOSS loses all support.

GOSS closed the week at $16.46, down -1.44% from where I sold on Wednesday.

Pinterest (PINS): Added to Position

Pinterest (PINS) continued to sell off on Monday, dropping through $25.50 and triggering a buy order I had in place at $25.34. The buy order raised my per-share cost a slight 0.48% from $25.00 to $25.12.

At this point, Pinterest has become oversold on its daily Relative Strength Indicator (RSI) which could potentially indicate a bounce from these levels coming very soon. That being said, I do have another buy order in place at $23.06 – just a penny above PINS’ all-time low and below my new per-share cost basis of $25.12.

PINS closed the week at $27.25, up +7.54% from where I added on Monday.

Yeti (YETI): Added to Position

Yeti (YETI) sold off with the rest of the market on Wednesday, triggering a buy order I had in place at $26.11 which raised my per-share cost to $18.75. My next buy order is much lower at $23.25. 

My current per-share cost  is -19.29% lower than my first buy back in February 2019 at $23.23 with a position size 5 times as large as my initial opening. I’m happy with YETI’s performance and will continue to add during market-wide sell-offs.

YETI closed the week at $28.46, up +9.00% from where I added on Wednesday. 

Questions?

As always, If you have questions about how I’m playing different positions or anything at all, really, feel free to leave a comment below!