In this environment, unlike most of the past 2 months we have to pick spots and assume our purchases (as we layer in) will lose money in the near term. This is different than when we buy a pullback in a market that is generally in an uptrend (mid March to late May) - where when you make a purchase on a pullback, you expect a quick bounce. So with that in mind, I am continuing to rebuild a position in DryShips (DRYS), the dry bulk shipper (with deep sea drilling thrown in); but not expecting any sustained move up in the near term. But my first buy target has been reached, so I am executing a purchase.Now, as the rest of Wall Street joins my thesis (eventually) of a global slowdown these stocks could take it on the chin from a perception point ...

Latin America internet player Mercadolibre (MELI) is one volatile stock... every time it weakens we get commentary about a coming secondary (which they tried to price in the past, but withdrew) - eventually I assume it will happen. But for now, we just like to layer in on dips, and layer out on strength. The chart is quite poor as the stock has broken all major key support levels but with the stock down 15% from its peak Friday (and 30% from its peak), I made some purchases this morning in the $40s/$41s, taking the stake up from 0.7% to 1.5% of the portfolio. Due to the bipolar nature of this stock it is hard to tuck this away as a buy and hold; not to mention a very pricey multiple. So we'll pick our spots and when some of our holdings, especially ones we've cut ...