Close Out DKNG At A 20%+ Gain — Don’s Daily Brief
Quick service announcement: I’m going to be taking the next week off between Christmas and New Years.
I’ll be back on the first market day of the New Year (Jan 3rd) with a fresh pick for you.
This morning there was some macro news: PCE (Personal Consumption Expenditures) showed a bit of inflation. It came in a little higher than expected. (PCE is just another way of measuring inflation.)
And as I’ve said, inflation is going to be much more sticky than we expect. It’s probably going to be very volatile, where we’ll see receding inflationary pressures and then it could come back up.
There’s a lot of stickiness to it, especially on wage pressures and service-related items. So we’ll see how that plays out.
No daily pick today. I searched high and low, but didn’t find anything that looked attractive.
► But I do want you to close a short we put on a few weeks ago: DKNG
We got in at $14.62 and established a price target of $11. It traded down to $11.07 yesterday and that’s pretty good in my book.
If you haven’t closed that position yet. It looks like it could make a little bounce, so we might as well go ahead and take those gains while we have them.
Everybody enjoy the holiday season. I hope you have a wonderful Christmas, wonderful New Years and I’ll see you in January with some new picks.
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