I used my margin account to purchase during the recent dip. Since the market has been up a few days - I took the opportunity to sell some non-core holdings and put some cash in the bank.
Walgreens Boots Alliance $WBA
This comment from Reuters made me think Walgreens may not be as insulated from the #CoronaVirus outbreak as I had hoped - so I sold at a small profit.
The company said retail sales in the United States dropped after March 21, before which consumers were stockpiling items in preparation for a lockdown. If the current trend continues, the company said the gains from the early sales bump were likely to be erased soon.
Meanwhile, retail sales at its UK business has plummeted 65% in the last 10 days.
Poor execution of the Paycheck Protection Program led me to believe I could probably part ways with these holdings at a nice profit.
- Bank of America $BAC
- CitiGroup $C
- First Horizon National $FNH
- JP Morgan Chase $JPM
- Wells Fargo $WFC
I have some other holdings I may sell over the next little while - but at the moment I am comfortable I have enough fire power to take advantage of some other opportunities I am keeping an eye on at the right price.