Sell Pure Storage (PSTG)
The market and growth stocks are getting hit once again today (partially because of rumors of geopolitical tensions regarding China and Taiwan), but as always, we go with the evidence, and the selling wave in growth stocks that popped up a week or two ago has continued this week with more and more name flashing intermediate-term abnormal action.
After yesterday’s sale of Uber (UBER), the Model Portfolio has 36% in cash, which provides some cushion, but today we’re going to sell our stake in Pure Storage (PSTG), which is showing us a loss and which today is tagging its lowest level since May. Selling Pure Storage will leave us with around 45% in cash, which we’ll hold on to today. SELL
From here, we’ll take it as it comes: It’s very possible the market can find support in and around these levels, and as earnings season revs up old and fresher names may emerge, but right here we favor being cautious while we wait to see if the selling pressures spread and pull more growth stocks into correction mode.
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