Thirsty Thursday Markets

Well, it’s thirsty Thursday, where you better drink all the water you can before heading out to the desert.

The markets are down, but not in any kind of a panicky way, just a typical down kind of day. That said, the last hour has seen some buying pressure and we’ll have to see how the whole day ends up playing out. No rush or pressure in the portfolio, as it is set up for upside, but I keep some buying tinder on the side to add if we do sell off hard in the near-term.

I’m not looking to add any new trades today, as we bought most of the stocks I’d want to be buying back at lower levels, such as Facebook and Apple.

PCXCQ, our bankruptcy technical trade, is up 42% on the day, and that trade is, for now at least, nicely in the green for me with a 20% plus gain on my cost basis. Remember that this is a short-term gamble of a trade and this stock could easily drop back below our cost basis today or tomorrow or next week. I plan to be out of most of it by the end of next week or two and all of it soon thereafter.

Stay focused and work hard, we still have 30% of the trading week ahead of us.