Friday Trades and Holds
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]] UltraShort Emerging Markets
- [[dgp]] Ultra Gold ETN
Current Trade Positions – Short
- [[FSLR]] First Solar — needs no introduction, new target $56
- [[SDS]] UltraShort S&P500 ProShares — only core position, will add next week
- [[SSO]] Ultra S&P500 Proshares — shorted at the close
- [[AAPL]] Apple — very weak performance today
- [[BIDU]] Baidu.com — one of a few stocks over $100 left, P/E 27, no dividend — good short to hold, have no fear
- [[GE]] General Electric — small position; their portfolio is overstated by 35% according to mah sauces
- [[X]] – US Steel
- [[DIG]] Ultra Oil ETF — target: oil = $37
- [[AMZN]] Amazon — overpriced, good intermediate short
Kat,
`You are short some psycho names [volatile trading names] BIDU, AAPL, X, AMZN,
jog on
duc
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.
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
Duc,
do you want to buy BIDU (long)?
Why can’t you get an entry in it? Just send a market order 🙂
Gold, watch the heavy longs
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.