WHAT TO DO NOW: Last week’s market action was disappointing, though it didn’t change any of our key indicators. Even so, we’re seeing some selling on strength appear, so we’re focused on managing our portfolio. Today we’re going to sell one-third of our solid profit in Palantir (PLTR), leaving us with 23% in cash.
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The market is off to a quiet start this morning, with most indexes up a bit in early trading.
The market’s action last week was disappointing, with last Friday’s move essentially taking back much of the post-election gains in the major indexes. Of course, the trends are still up, and most leading stocks are acting better than the indexes, which is what counts most, but we are seeing sellers appear on strength (for leaders) and in the broad market (via our Two-Second Indicator).
Of course, we’re not panicking here, but we are managing the portfolio while waiting for better entries to arise on fresher leaders. Today, we’re going to sell one-third of Palantir (PLTR), which has obviously had a huge run and is extended to the upside—it had a big move last Friday on a potential index addition but is getting hit today, so we’ll take some off the table and see how it goes.
That will leave us with around 23% in cash, give or take.
We’ll have more details in tonight’s update. Don’t hesitate to email me directly (mike@cabotwealth.com) if you have any questions.
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