Sometimes you get lucky (because Jensen Huang says Quantum is 30 years off)
I didn't plan on trading yesterday but because I was bored, I got into a position. I felt a lot of internal conflict knowing this position originated from boredom but there were also some interesting "Sell the news" elements to it. I shorted RGTI at 18.35 with a stop at 20, with the plan to hold it for next week after the CES conference is over. Supposedly there's some quantum stuff happening on the 9th and my thought was: maybe when that's over, these super tricky and super bubblicious quantum stocks can finally roll over.
Then Jensen Huang said something barely negative about quantum stocks being 30 years off afterhours and RGTI finally broke down on the larger timeframe. It's kind of stupid (in the sense that he said nothing material and nothing that a non-idiot doesn't know) but sometimes stupid catalysts bring down stupid stocks. One couldn't really anticipate this being the thing that brought down the quantum quartet. All of them are down 20-25% this morning. Sometimes you get lucky.
I ended up being a piker and covering 1/2 at 16 afterhours and 1/2 this morning at 14... was a 17% blended gain. I think it goes muich lower over time and I did contemplate just trying to forget about this position and treating it as a long-term short against my market portfolio but I don't usually operate that way. If this "stupid catalyst" had bounced back, I would have been pissed off and I think that was on my mind. My mind has been kind of "trained" to expect these quantums to find a ridiculous bounce point when they absolutely should not bounce.
The stubborness/desire/will (whatever you want to call it) needed to try to short this for weeks+ for a larger 35-65% gain is what I lack but it's also something, that if I had it, could have lead me to trouble at earlier prices on this RGTI, which had multiple extensions and multiple breakdowns on the way up. I try to only take the easy money and honestly there have been very, very few easy money opportunities on this RGTI (which I will loosely define as very large exhaustion gap ups that fill from a good intraday setup).
I will consider putting 1/2 short back on for next week, ideally on a bounce back to 15+ on the open.