Re bought SLCA

Readers may recall that I owned SLCA, a firm that provides products to help frackers, going into this year.  While I did very well on them, buying at 14.28 and selling at 20.43 (plus a special fifty cent dividend) for a 46% gain, I then watched them rocket (fueled by momentum traders) to about $28.

They came back to earth today as their largest shareholder (owns over 31 million shares) is selling 10 million of those shares. The stock dropped about 7% today and I decided to get back in. I was a bit early, and my entry price is 20.29 (they dropped under 19.60), but I am happy with the price.

They pay a 2.5% dividend, so will be part of my dividend portfolio.

I was flat with the market today overall, and am leading overall for the year by 1.8%. I am still sitting 24% in cash.  I have a lot of ideas should the market correct. KKR, ABBV and PNC are near the top of my list of stocks to watch. Most my other plans are either stocks I currently own, have recently owned or dividend/MFI stocks.

I am in no rush. One mistake I have often made in the past is to buy way too early in the correction. You want to wait for the capitulation.  Of course, that may mean waiting for quite some time. I have no reason to even think we are in a correction right now. I think we will know it when we see it.