Discount Shopping: SoFi, Palantir Among the Names I'm Buying
I'm buying three small-cap names as investments for future generations.
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Interesting. The market is sort of in flames on Friday afternoon.
The market is trying to figure out just how hard or soft this landing is going to be. Markets are also trying to figure out if the Fed should kick off their brand new and easier brand of monetary policy on September 18 with a small (25 basis point) or large (50 basis point) short-term rate cut.
I have a couple of shorts on. As of this writing, they are my only winners on Friday. My defense contractors and gold/silver ETFs were up for most of the morning. Alas, in the green for the day, they are no more. My favorite small cap/stocks under $10 or formerly under $10 portfolio names are all catching a beating as well. For those kinds of names, I'm going shopping.
On Sale
I just wrote to you a couple of days ago and told you that I would add to my long position in SoFi Technologies SOFI should that name test its 50-day SMA. I meant that. After publication, I intend to add to that position.
I also mentioned that Palantir Technologies PLTR is a candidate for inclusion in the S&P 500 when that announcement comes, supposedly on Friday night. Looks like the stock traded above $33 in mid- to late August after earnings and ahead of such speculation. I see those shares trading below $30. Though it will violate net basis, I intend to add to this long position after publication and ahead of that announcement.
Rocket Lab USA RKLB is also trading lower and is now testing the highs of July after having broken out from a falling wedge pattern. Again, in violation of net basis, I will take advantage of this sell-off and add to this long position at a price that I haven't seen in a month and a half.
The Deal?
At least for now, and it's been for some time, these are the three names I have been accumulating on weakness for quite some time now. These are long-term investments that I believe have a chance to have an outsized positive impact in the future.
These investments may be for me, but more than likely, these investments are for my children and for Guilfoyles I haven't even met yet.
At the time of publication, Guilfoyle was long SOFI, PLTR and RKLB equity.
