We're Closing Out a Profitable Position in This ETF
The market pullback has created more compelling opportunities we may want to take advantage of.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
GLD | Sell | 200 | 220.50 | 0 | 0 |
After you receive this Alert, we will sell the remaining 200 shares of SPDR Gold Shares GLD in the portfolio at or near $220.50. This will close out a nicely profitable position, which returned just over 33%.
We’ve had a good run with GLD, and after recently trimming back our exposure at modestly higher levels, the remaining position is a small but very profitable one. At the same time, the market’s pullback has created some better opportunities for us to deploy the cash. As we discussed in today’s video, we are closely watching the shares of Costco COST Qualcomm QCOM, and Trade Desk TTD.
We’ve also stayed on the sidelines with Bullpen resident Dutch Bros BROS given concerns over wage pressures tied to California's minimum wage law for fast food worders. Comments from Domino’s Pizza DPZ and Chipotle CMG tell us that was the right move to make.
We will revisit the possibility of calling up BROS to the portfolio once the shares have digested company guidance that will include how that California issue impacts its H2 2024 outlook. As a reminder, Dutch Bros has ~20% of its store footprint in California compared to ~14% for Chipotle.
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(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long GLD, COST, QCOM and TTD.
