Some transparency?
Today required me to go into "protect capital" mode, particularly because my portfolio consisted of 82.5% CNB ... Some would say that's way too "undiversified"... Therefore, today I had to trim the leaves a fair bit, and I look forward to topping back up when the market normalises to some extent...
I really really hope I am wrong, but I can see the market further beating up top quality stocks over the next week, and with my limited capital and certain personal circumstances, I had to temporarily "share" my quality CNB stocks with another person who can lovingly care for them until the market settles down...
There is nothing wrong with CNB, and out of 2000 stocks on the ASX, CNB would have to be the
greatest little GEM of them all, I literally shed tears pressing the sell button
However, I don't have the luxury of holding an average in the teens or 20's... My average increased to 35.7 after all of my recent top-ups... So I considered what "could possibly" happen over the coming weeks, and decided to reluctantly take profits in the high 40's and wait for a cheaper entry.. Too much profit to leave on the table in these uncertain times
But I have seen how cruel the market is currently treating other quality stocks such as TS# (from 50 down to 28) and NZ$ (down to 23) and many more...
I really hope that CNB rebounds and I will have to pay a premium for re-entry, however, due to the unpredictability of the election and soaring covid cases around the world, I can see CNB unfortunately coming down to the mid 30's (hope i'm wrong) and this would devastate me financially and take me too long to recover...
Again,
nothing has changed with CNB's fundamentals, and I see this heading to $1.50 very soon, but in my honest opinion, I think she will come down a bit more before heading upwards (This is my opinion, NOT FINANCIAL ADVICE) .. I truly hope my baby bounces back tomorrow to the 50's, I truly do, but for me it was possibly financial suicide in the ST to hold... I will be waiting patiently on the sidelines for the right price to get back, hopefully very soon rather than later... I am really excited about Strelley results etc... , But that doesn't change the fact how the market is treating absolutely amazing stocks recently... I am sure you all saw some examples today...
So I'm still here,
still love CNB, excited about getting back on board, but just being cautious for the next few weeks and protecting what little capital I do have... Unfortunately I am not a retired man with a nice super and no mortgage... (No super and pay rent here) ..
Good luck to you all, and I truly hope the yanks can sort out thier $hip real fast... It worries me when I see in a democratic nation, shops boarding up thier shop windows for what could be a very nasty contested election...
I will back
(20min delay)