The S&P 500 is well out of correction territory for its sixth week in a row. It’s now just 5.0% off of its all-time high set in September of last year.
As you know from my previous blog posts, I spent 5% of my portfolio cash to buy stocks at the 10% drop level and another 5% at the 20% drop level. My goal now is to sell some of my stocks and get my portfolio cash levels back to about 25%.
After taking a hard look at my portfolio, I decided to part with all of my shares of Dentsply Sirona (XRAY). I first bought
However, Mr. Market didn’t agree with my thesis. My stock was down 15% when I decided to sell all of my shares. I lost faith in the company. After Dentsply merged with Sirona, several former Sirona executives left. I’ve been waiting patiently to see if the merger would add value. At this point, I think there needs to be a major catalyst for the company to rebound. So XRAY goes back on my watchlist and I may purchase it again in the future if I think a major catalyst is about to happen.
Other big news for the week – Warren Buffett published his annual letter to shareholders. It’s a must-read for long-term investors.
How are you guys handling the market? Share your thoughts by commenting below.
I/we have no positions in any stocks mentioned and no plans to initiate any positions within the next 72 hours.
I wrote this article myself and it expresses my own opinions. I’m not receiving compensation for it (other than from Wolves Of Investing), and I have no business relationship with any company whose stock is mentioned in this article.