I sold the remainder of my Formation Capital (FCO.TO). This was one of the loser long-term investments. I didn’t sell because it went down, but because they’ll need a lot of money to develop the mine (provided they get the permit first: they’ve been waiting for it for 8 years and it’s due any day now). In the current credit environment I don’t know just how realistic it is to get almost $200mm without some sort of equity dilution. So I still like the company but think I’ll be able to buy it cheaper later.

Moving on… Traded MOS twice, long and short. Should’ve stayed long.

Bought half [[SDS]] at $72.52. It may dip lower according to the charts, then I will add the other half. Why not wait for $66, at least? Because this market is bipolar, that’s why. I do not believe in a lasting mini-rally, not even 2 days in a row.

Going into the next Monday, I want to be mostly short.