Stats given cover closed trades for the 6th August - 12th August
My total realized profit from the past week is 0.25% Overall the portfolio is down 3.12%
Profitable trades closed: 14
Unprofitable trades closed: 1
Most traded instrument: $TSLA (4 Trades)
Quieter week on trading, the expected dip in cryptos led to few trades in crypto as we continue to do well in stocks. There were several interesting events this week, outside of the 3 major news pieces I’ve written below, we saw $SPOT announce a new partnership with Samsung, resulting in a jump of around 10% to the stock. $SNAP also reported earnings that for once did not result in a huge collapse in stock price. That being said, this week was a much slower pace, and has given me time to think more about positioning the portfolio into the 2nd half of 2018.
Tesla have been all over the news this past week after Elon tweeted about taking Tesla private at the price of $420 per share. This lead to a substantial price jump and cries of foul play by shorters and Tesla critics who claimed Elon was purposefully manipulating markets. The markets were closed for trading for a few minutes before again reopening at a much higher price. However, as there were mounting calls for evidence of the “secured” funding, Tesla share price dropped back to previous levels. The situation is still evolving but it is expected that the truth will out this week. With Elon’s recent history of erratic tweets I’m unsure what to believe.
Bitmain have released a whole heap of financial information and broad strategy plans ahead of their planned IPO. Bitmain has already attracted some of the worlds biggest investors, including Tencent and Softbank. Their goal is to raise 18Bn at a 50bn valuation in a few months time, making it one of the biggest IPOs ever. Many in the crypto community have been quick to draw attention to some problems found in leaked documents though. Bitmain is holding over 10% of all $BCH and is unable to reduce the position for fear of causing a collapse in price. It has also produced a huge number of mining chips which are not selling or even profitable at current levels for some projects. Finally they have listed AI as a major area to attack. Bitmain is hoping to compete with $NVDA $AMD and $INTC by switching from purely crypto hardware to AI as a separate company sector. Personally, I believe the entire thing sounds extremely risky and has exposed some major weaknesses in both Bitmain and Bitcoin Cash.
Our final news piece this week is Turkey. As most of you are probably aware the Turkish Lira fell by over 20% last week following some defensive comments by the President who urged the population to sell their Gold, USD and EUR for Lira. The fall was large enough that we could see some cascading effects across the market, though for now I am just watching the situation unfold.
$EOS - Closed a well-timed long trade for 5.6% profit, I then re-opened the same trade at a lower price.
Stocks $TSLA - 4 trades around potentially going private. Three small trades but one that I positioned early for 10% profit.
$SNAP - I finally closed one of my two long-term Snapchat shorts for a reasonable loss of -5.9%. I did however make back some of it with a 1.8% profit from a long position. (Do not adjust your screen, I really did open a long).
$WIX - 3 trades, taking advantage of a small dip for an average profit of 1.5% each.
$SHOP - Single trade for 2% profit, similar to Wix buying into the small dip.
$AMD - A quick trade for around 1% profit.
$ETSY - Two trades closed early in the week, one for 1% and another for 7%, I am mega confident in the future of ETSY and will look to grow exposure ahead of Q3 earnings.
$SNE - I said I’d stop trading it, but it’s such a tempting stock due to fundamentals. Unfortunately, the usual problem with Sony, I only delivered 0.2% profit.
$NVDA earnings this week, and I’m expecting some strong results overall, with the exception of crypto which as we know has taken a big hit for mining profitability this year. A few months ago I shared a video of Nvidia’s new Ray Tracing tech, I expect this to be mentioned heavily during the call. I’m also preparing large exposure to Nvidia as I expect their new line of GPU’s to be announced towards the end of the year (and to feature the Ray Tracing tech). The growth in autonomous vehicles and server sales will be interesting for this quarter.
The altcoin capitulation - What I mean by this, is that I believe we are approaching the bottom of the latest move down in cryptos, and that before this bear market can turn around we will see some “shitcoins” go under. I do not think any of the major cryptos listed on eToro will be a victim, but as mentioned previously I’ve steered clear of those that do have a small risk.