Top Names, 2/2/2023

Continuing our core strategy.

Portfolio Armor

Feb 02, 2023

∙ Paid

Update On Our Trade Alert

Before we get to this week’s top names, a quick update on our trade alert from Thursday.

The Portfolio Armor Substack

Trade Alert

So Much For Tight Financial Conditions As I noted yesterday (That Was Unexpected), Fed Chairman Powell’s claim that financial conditions had tightened significantly got pushback from market observers, including Sven Henrich below. During today’s continuation rally, another observer quipped that it’s as if Powell had announced quantitative easing yesterday. Some low quality names, including ones that may be at risk of bankruptcy, are spiking hard today. I took the opportunity to bet against one of them today. Details below…

2 years ago · 1 like · Portfolio Armor

I mentioned there that I had bought puts on Carvana Co. (CVNA) when the stock was trading at $17.75, up about 30% on the day. By the close, Carvana gave up most of its gains, and a bit more after hours.

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