Your Bull Market Is Officially Over
The easy money has been made and the fun is officially over. You would be wise to stay away from the entire tech sector, and any high beta stocks for now. Going forward, my focus is going to be leaning towards oil for at least the foreseeable future.
I sold out of DPW last Friday for a steep loss, and find myself rather fortunate to have done so as it is trading another 13% lower now. Cryptos are dead money and it will take weeks for the market to recover. Last week I wanted OSTK in the low $60s. Now it’s looking expensive even at $50. In the mean time, I will slowly build a position in Ethereum, my favorite crypto, not just as an investment but also because I am in the process of launching 2 new business ideas that require heavy use of ether. More on that later.
For the time being, I have reduced holdings to only one stock; SLCA. Oil stocks have not been completely immune to the carnage. I see that and understand that. However, the premise for this drop is weak as commodity prices remain strong, and high beta oil could turn around and rip the fuck higher at any given moment. I will be there when that happens.
Update: bought more SLCA at $31.80