So I'm cleaned up on my bank shorts now. I dumped my sizable SKF position late today at an average price of 195.11. My cost basis, as far as I can tell, was 132.20.
I also let out my remaining short positions on my least favorite bank - Wells Fargo.
I covered my since-exercised Jan 30 puts and my April 30 puts. The Jan flip was from 3.18 to 15.74. And the April put profit was the difference between my 4.80 purchase price and today's sale at approximately 16.32. Both trades were initiated 4 months ago.
Now if I were a partisan Moron....I might suggest that the stock market WAS NOT enthused by today's Presidential
Of course it matters not which stooge is the impotent figurehead - this stock market would be tanking even if I were taking the throne. [Possibly, anyway.] Asset prices (stocks, bonds, and real estate) are still too far divorced from economic reality.
It feels really satisfying to take these positions off. With the profits, my first goal is to coax a Naples extension out of Mrs. C-Nut - who had the misfortune of flying home this morning....to 2 feet of snow in our driveway!
She asked if she could call a plow....I soberly reminded her how bad the economy was and informed her that the shovels were on the back deck.
Next, I'm going to figure out how best to parlay these profits into some long-commodities and short-Treasuries positions. I could also very easily buy a ton more oil (DXO) here but just don't have the appetite at the moment.