Friday, November 28, 2008
Thanksgiving Week Trades
This is always a big week for market moves. 2008 proved no exception.
From last Friday, this has been the biggest 4-day stock rally since 1932.
On Monday, I whacked a rallying Wells Fargo, again. Shorted at 24.82, then had second thoughts, and fortunately covered it at 24.95.
The same goes for the QQQQ. I shorted some at 27.87 and not long after took the small loss at 28.10.
I dumped my FSLR at 105.20. Bought at 104.57 last week and watched it immediately drop to $85. [Today, it's traded as high as 127.77 - so I was right about the *alpha*!]
I also I already mentioned what I did with my Citigroup on Monday.
On Tuesday, I went right back at Wells Fargo - shorting it at 27.09. I covered that day at 25.87....and then shorted it yet again at the end of the day....at 27.00.
I also started nibbling on old friend, SKF, the Ultrashort Financials ETF. I bought at 157.25 and 154.66.
I dumped the Google I bought last week. I sold my *254.00 stock* at 272.08. [That was too early...Google hit 296.45 this morning.]
I dumped a slew of mining stocks: NEM, KGC, AEM, AU, ABX, and FCX. These I bought a month ago when the XAU was roughly 77. I sold them this Tuesday when it was trading roughly 98.
I sold CDE, my disastrous silver mining investment at .58. Yeah, that's right 58 cents. I bought it long ago, probably 4 or 5 dollars higher. This sale was to generate some much needed *capital losses*.
Note that at this is the point in the year I don't necessarily root for my positions.....I'd rather they move in my favor come January for tax reasons.
On Wednesday, I was already in New York. We drove into Manhattan (absolutely no traffic) around noon. But not before I made a couple trades.
I covered that WFC that I shorted on Tuesday a $1.12 lower at 25.88. Then before I departed, I put out a couple of more offers to short at 28.25 and 29.00 in case the market rallied. The market did pop and I got off the 28.25 sale.
I also put a 142.00 bid in for more SKF. That too got filled while I was with my kids at FAO Schwartz.
Today, Friday, I covered that Wells short at 27.57. Three flips in one week....should I go for four?
I also shorted the S&P 500 by buying SDS at 90.03.