We posted here our #OSTK short from $60 with updates along the way. -We posted that we were looking to cover at $26 and not before - nothing has changed. #trading #blockchain #stocks #fintech #crypto
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Nothing has changed after this small bounce on Friday - still short this name.
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Down another 5% today - still looking for $26 to cover our short although it could drop all the way to $21
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Down 4% today - moving in the right direction - not covering our short yet.
I really appreciate your thoughts and long-term mindset, there's plenty of people focusing on the short run misleading newcomers. Actually, I'm pretty sure there's a lot of work behind your posts, but I've not been able to catch up with your investing area. Are you sharing insights on OSTK mainly because of crypto involvement? It would be great to get your point on a broader range of stocks.
My belief is quite a lot of industries are going to be changed by blockchain and that's why I like your style of choice to correlate real business to ground-breaking technology, I guess you're long on overstock once it passes through the pump & burst cycle.
Some suggestions would be Square, but pretty sure soon enough also companies such as Alibaba, Amazon or Facebook that will become more a community like Steemit than what it's like right now; it's simply that the technology is not mature enough to be reliable for millions of people using their services every day.
NewYork888
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@RedFokvs, Hello and thank you for the comment. Yes we're sharing this because OSTK rose to 60ish and beyond on nothing but speculation on their entrance into the "blockchain" space and we didn't agree with that. Part of the more recent upsurge was on the George Soros getting long the name. We think that this - Mr Soros position - is nothing more than a hedge against his BTC short - we could be wrong but I don't think so. Also yes we;re looking ot get VERY long this name in the single digits if it gets there but not before.
RedFokvs
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@london55555, Got it! Any chance to see you cover other companies/stocks?
NewYork888
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@RedFokvs, We do but nothing great right now other than BXE which we'll add to our long under $1 but very risky and very long term -unlike the OSTK short which we knew would be fast- good luck
NewYork888
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@RedFokvs, p.s. one name we bought 24 months ago as a real deep value stock at $4 was FCX now at about $16 but we're watching it on pullbacks to possibly add more
My belief is quite a lot of industries are going to be changed by blockchain and that's why I like your style of choice to correlate real business to ground-breaking technology, I guess you're long on overstock once it passes through the pump & burst cycle.
Some suggestions would be Square, but pretty sure soon enough also companies such as Alibaba, Amazon or Facebook that will become more a community like Steemit than what it's like right now; it's simply that the technology is not mature enough to be reliable for millions of people using their services every day.