Friday, October 10, 2008
Another October Trading Update
When I took a snapshot of the market yesterday it had barely begun to drop - Dow was down a mere 68 pts.
The above pic show the full carnage at the close - 678 pts lower. Ouch.
I took profits on my SPG short, some October WFC puts, and my large SKF position. I dumped it around 182.
Almost all I have left is a short position on HSBC Bank and a still substantial disinvestment in Wells Fargo.
Y'all expect details?
Okay, SPG I shorted at 86.50 and covered at 68.78.
October 30 puts in WFC - I bought at 3.40 and sold at 4.70.
And SKF I was in at an average of 125.25 and sold at 182.34.
I was flat-out broke two weeks ago as this short squeeze threatened both my solvency and my sanity. Obviously I've been shorting stuff waaay to soon. Nonetheless this stock market plunge was a gift from above; it would have been ungracious of me NOT TO TAKE PROFITS.
And once I cover my Wells Fargo short....the market's really going to drop!
Oh yeah, I initiated a small short position on JPM yesterday at 38.18.
On my way to NYC...