Sell Reddit (RDDT) and Second Half of FTAI Aviation (FTAI)
The market hasn’t been able to bounce and continues to sell off as we march toward the weekend.
While we took a swing on the second half of a position in Reddit (RDDT) earlier in the week, that stock has just broken below support. I indicated in the buy alert that we might reverse course if the stock didn’t hold, so given the break down, that’s what we’ll do today. SELL
We’re also going to protect our remaining gain (60%-plus) on FTAI Aviation (FTAI) by selling the second half of that position today. As I wrote in my earnings review on the stock, I like the business and would like to continue to own the stock (if not buy more)—but in the current environment we need to focus on holding on to the gain we worked so hard for. SELL REMAINING HALF
I have received a few emails wondering about Snark Ninja (SN) and GE Vernova (GEV). As we started with half-sized positions in both, I am electing to hold those at the moment. We may well average down, depending.
Lastly, Fed Chair Powell will be speaking today at 12:30 ET. Perhaps he will be able to calm markets down a little. On the other hand, if he speaks to rising risks of stagflation that could accelerate the selling. Right now, we’re going with the evidence in front of us and cutting bait on these two positions.
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