It started with 10% but by the time things began to coalesce in my aged brain, I knew what I had to do---and I sold exactly half of my position---or 3,000 units of the 6,000 unit total in three accounts. It occurred to me late last night that I while I spoke here to the importance of taking at least some profits and reducing risk exposure---I didn't say anything about the catalyst---as in...WHY NOW?
Brexit was the catalyst, nothing more complicated than that. And just to set the record straight---it's also the reason I decided to leave the cash in the account, pending an official outcome of the referendum.
The reasoning is simple enough:
1. I don't know how the outcome will affect things but it never hurts to have some cash sitting around awaiting utilization.
2. I'm really surprised by the outcome but know this:
I don't know squat! I really don't. I'm not smart enough to know, not yet, anyhow. But instincts led me to be happy with a 90% gain and I'm more than mildly thankful for that.
So while I'm expecting to see massive paper losses that may take months to recover from, at least I've got some dry powder with which to take advantage of opportunities on the other side of this debacle.
A key item in all this: SDLP operates in the same ocean that the UK does. Things are probably going to get scary, at least in my mind.
Soooo, dear friends who may have followed my lead or decided on their own on a similar course of action---congratulations! Of course, if SDLP gains two bucks today, I owe us all a h-u-g-e OOOOOOPS!!!
Now, then, let's see what the damage is looking like, two hours before the market opening.
