While I ride out big losers in DXO, OIH, TBT, SRS, and SKF....
I took profits in my last remaining *longs* today.
I sold Stillwater Mining at 5.14 today. I had bought it two months ago (way too soon) at 3.87.
And I also dumped my Suntech Power Hlds at 10.81 this afternoon. I had bought it about a month ago for for 5.80.
The Suntech was easy to let out. It had almost doubled and I have plenty of *long oil* exposure in DXO and OIH.
The same goes for Stillwater Mining. I am still long palladium in my futures account so I can afford to let it go. Palladium is trading at near $175 an ounce a multiyear low (I got long around $390 or so). Methinks SWC is only rallying with gold miners as its fundamentals (i.e. spot price) are lagging the yellow metal's.
I messed up on these metals. I, like more than a few others, was discouraged by gold's reluctant, slow drift up in the runaway commodity bull market. So, when commodities weakened, I nibbled on palladium instead of gold or silver. Palladium, though possessing better supply/demand fundamentals, is proving to be a very *industrial* metal. It sold off hard with the collapse of the auto industry.
Meanwhile, gold has held up really well relative to the entire basket of commodities in this *deflationary* environment. Gold's probably going to go a lot higher considering the fact that after 12 years of being a goldbug....I have no exposure whatsoever to gold.