"Markets can remain irrational longer than you can remain solvent." John Maynard Keynes

Friday Trades and Holds

21. November 2008• TradingPhantasmix 6 comments

Not too many trades today.

Shorted C, SPG, SDS, GE, PENN, COF, SSO, FSLR, RIMM, AMZN; was long KGC.

I work from a list of familiar symbols, just put the trades on in the morning and let them ride for awhile. I don’t like going “all in” on any one and as my margin grows I like to diversify a bit more, so instead of 3-6 symbols, I work with 8-12.

S&P is nearing 805, which is the first resistance level.

I’m very short over the weekend

Current Trade Positions – Long
  • (EEV: 25.87 +2.37%) UltraShort Emerging Markets
  • (DGP: 56.947 -0.42%) Ultra Gold ETN
Current Trade Positions – Short
  • (FSLR: 46.08 +2.04%) First Solar — needs no introduction, new target $56
  • (SDS: 16.8298 +0.43%) UltraShort S&P500 ProShares — only core position, will add next week
  • (SSO: 52.91 -0.45%) Ultra S&P500 Proshares — shorted at the close
  • (AAPL: 464.27 +1.00%) Apple — very weak performance today
  • (BIDU: 131.855 -1.99%) Baidu.com — one of a few stocks over $100 left, P/E 27, no dividend — good short to hold, have no fear
  • (GE: 19.11 +0.47%) General Electric — small position; their portfolio is overstated by 35% according to mah sauces
  • (X: 31.71 -1.67%) – US Steel
  • (DIG: 48.23 +0.29%) Ultra Oil ETF — target: oil = $37
  • (AMZN: 184.04 -1.94%) Amazon — overpriced, good intermediate short

 


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6 comments:

  1. ducati998, 21. November 2008, 21:20

    Kat,

    `You are short some psycho names [volatile trading names] BIDU, AAPL, X, AMZN,

    jog on
    duc

     
  2. Phantasmix, 21. November 2008, 22:31

    Yes, Duc, these are quite fun! I’m often able to score a few points during the day, but overalll I see them going down from here, decided to hold.

    X – about the only one without a plausible explanation. It just keeps going down on most days, so I shorted it. Lost money on the long side, but made up for it and more on the short side yesterday.

    As for the others – if I had no access to a computer for 3 months, I’d feel OK holding them.

     
  3. ducati998, 22. November 2008, 14:02

    Kat,

    I’m holding X Long. I’m going to [when I get home] build a thesis for a longer term hold. I might [if the valuation is any good] place it in my longer term portfolio.

    I’d like a position in BIDU as it’s so psycho, but can’t seem to get an entry.

    jog on
    duc

     
  4. Phantasmix, 22. November 2008, 15:42

    Duc,
    do you want to buy BIDU (long)?

    Why can’t you get an entry in it? Just send a market order :)

     
  5. R, 22. November 2008, 16:21

    Gold, watch the heavy longs

     
  6. Phantasmix, 22. November 2008, 16:25

    R.,
    I got some on Friday :)
    (via DGP, as mentioned above)

    Commitment of traders shows 100 Blees rating on gold, has been for a few weeks now. “Smart” money is on the gold — for now.

    By the way, SPY was being sold on strength again on Friday, more than $100 million outflow, including block trades.

     

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