Sell Half Procept BioRobotics (PRCT). Sell One Quarter Avalara (AVLR)
The shine from the Fed’s press conference yesterday came off early this morning and it’s turned into an ugly day. It’s another one of those days (we’ve had too many this year) where it feels wrong to be a buyer and wrong to be a seller. Classic bear market.
While it seems we are overdue for a rally we’ll heed the current market’s action and sacrifice a couple partial positions to the market gods.
First, let’s sell half our position in Procept BioRobotics (PRCT). We currently have a better than 40% gain in about two months and that return is off-the-charts amazing in this market. The stock has defied gravity and with earnings coming up tonight it’s anybody’s guess what could happen. I expect great numbers and good guidance. But I’d rather take some profits and see the stock go higher than hold steady and risk a move down. SELL HALF
Let’s also sell another quarter position in Avalara (AVLR), a long-held position. We’ll book a roughly 70% gain on this sale. This will leave us with just a quarter position remaining. I had expected to hold the full position through earnings but the reports, and reactions, to e-commerce players have been almost across-the-board disappointing. With significant e-commerce exposure Avalara has taken another leg down today. We’ll hold the remining quarter position through earnings. SELL A QUARTER, HOLD A QUARTER