My “position” trade in Mercadolibre, Inc. (MELI)
I mentioned a few days ago that I opened a position trade in MELI because it looked awesome. MELI is awesome - Cramer is right (he must read uglychart.com) - and I think it will go over $100 a share early next year and possibly much more. But I sold my entire position today for an average price of around $61 - for a 28% return in three days:
A position trade turned into a swing trade. I will most likely regret selling my entire position now, but it is a big gain in a short time, so I am going to try to get back in at a better price or a low-risk spot. I’ve tried doing that before with other hot stocks and they ran away without me. The main reason I sold it all today is because it went nuts just on the Cramer hype - I don’t like that.
But I love the chart and the way this stock moves - it’s hot and one to keep a close eye on.
