Monday, December 01, 2008
December Market Carnage
A nice little *poop* to start the month.
While my short Treasury position - TBT, down 3 points - and my oil longs - OIH and DXO - are taking it on the chin.....my *hedges* are working out wonderfully.
I was on the road back from New York all day today. What a delight it was to see that the SKF had gone up 40 points and the SDS up 15 points. I sold both of the positions I initiated late last week at about 4:45 pm today when I first sat down at my PC. Sometimes it pays to *not be at your computer* - otherwise I might have let them out too soon.
[For those of you Morons too lazy to click on the hyperlinks, both SDS and SKF are *ultrashort ETFs* - one on the financials the other on the S&P 500.]
So SDS I bought at 90.03 and sold at 103.75.
And SKF I bought at 148.98 and sold at 175.55.
After the close I also added to my short Treasury position. I bought more TBT at 45.40.
The lower it goes....the more I'll buy. The 30 year T-Bond is now yielding a paltry 3.23%.
Note that my favorite whipping boy Wells Fargo was down a whopping 5.5 points!