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Lightened Up Some More On Speculative XME

|Includes: SPDR S&P Metals and Mining ETF (XME)

I bought 2,300 shares of SPDR Metals & Mining ETF (NYSEARCA:XME) as a speculative play on January 15, 2016 darn near all-time lows (the rarest of moves I have ever made.) It was a contrarian move for sure; it was dumped left and right...

Forward three (almost) months later, XME is rocking. My Spidey sense (aka my contrarian side) tells me not to be greedy and take some more off the table (I sold 300 shares two days ago). The world economy is in a precarious state, and Central Banks are doing scary things to prop up assets. Selling some also gives me some cash, as the taxable account is nearly 100% invested. The cash will stay cash (or maybe put into TLT) until the market goes down.

Can't sell much more of what's left over of the XME position this year. My capital gains YTD has already surpassed the limit where I start paying federal taxes... Will be interesting to see what happens...


- Sold 500 shares of XME (of 2,000); 85% gain

Disclosure: I am/we are long XME.