TRADE INSTRUCTIONS
Date: August 11, 2017
Name: Jernigan Capital
Symbol: JCAP
Type: Close
Limit: Sell at market              

TRADE RATIONALE
The target holding period for this trade expires today. In last week’s monthly review I mentioned that I might extend this position for another month, but that was before political leaders in the United States and North Korea began threatening to start bombing one another. Although my opinion of JCAP hasn’t changed – that it deserves a better valuation after last week’s solid earnings report – my outlook on the overall stock market for the next few weeks has changed. With sabers rattling here and abroad, I don’t think this is the right time to try to squeeze a little more return out of a holding that is currently out of favor with the market. Hopefully cooler heads will prevail, but until then I am going to strictly enforce my trading parameters to avoid too much exposure.