One of my key LT holdings was closed today. BANK OF AMERICA, a stock I live, many hate it, but it has been a favorite for more than 2 decades.
I closed all of it today. It has been in a toppish state for a few days and I just want to take it off the table because I am sure I can get it lower sometime this year.
Half of my EXXON holdings have also been closed. I also like EXXON and CHEVRON, but not as much as Bank of America. I had hoped EXXON would have spiked up another 4 to 5% on the crude oil rally but it seems to be resting and hesitating so I decided to take half off the table.
Now holding 31 QQQ puts, down about 22%, and a lot of cash, must be the highest level since 2008.
It's been a great 7 weeks for 2019 with almost 12% gain in my LT portfolio, so the worst can happen is the market goes up another 10% before it goes down and I miss out on that. But, that's a very low probability & I would rather bank 12% and lose out on another 5%.
Market now priced to perfection, limited upside, but the bulls had another great week and could squeeze another 2 to 3% before it reverses.