Tuesday, March 17, 2009

Trades - Drunken Irish Day 2009





Bad day today. Most of yesterday's paper gains were erased as the market continued to squeeze the shorts.

The morning started off inauspiciously as I got a phone call to cover my XHB short. If you remember, I tried unsuccessfully to borrow that ticker back in February; as an end-around, I bought deep puts a tad over parity which automatically exercised. So I stayed short for one full month under the radar. What sucks is that I had to cover this POS at 9.97 after just missing it this morning at 9.47 (never mind at 8.00 last Monday). Looking back to when I put this trade on, it seems I still made .89 of profit - not bad, but should have been better. I have to admit that I completely forgot about the possibility of them calling this position away.

Near the end of the day, I stubbornly added to QID - the double-short NASDAQ ETF - at 54.24.

And I bought a little SKF at 127.16.

I tried to buy a bushel of March 9 GE puts at .13 on the close but for some reason I didn't get a fill even though it looks like they were offered at .12. I'll try again in the AM.

Lastly, that SKF that I bought in my retirement account yesterday at 128.18....I let out at 149.12. Then I re-established it at 131.50 and also bought a smidgen of SRS in that account at 62.54.

Trade small enough and I bat 1.000!

Unfortunately, I think we have some more squeezing ahead of us - and at least four weeks before reality descends upon the equity markets again.

I'm going to sit back some and try not to watch, and add to losing positions.

5 comments:

TAYLOR said...

Marc Faber is flippin' BRILLIANT!

CaptiousNut said...

Who's he?

No name-dropping here, son.

TAYLOR said...

Only the most sweet, Thailand-based Swiss investor evar!

The man called for a strong bear market rally through April due to his contrarian sentiment observations.

Check out the blog of some guy who collects his quotes, recent advice/observations and video clips here: Marc Faber Blog

Also, he writes his "Gloom Boom and Doom" newsletter, search google for the site. You can request some back issues as a sample and they'll send you links for like 7-8 newsletters, you should check them out they're... PRESCIENT reading material. I hope I used that word right...

Tell me what you think!

(Despite the sarcastic tone of this post, I actually respect the man quite a bit.)

CaptiousNut said...

Son,

I know full well who Mark Faber is.

Have you ever heard of Kevin Gamble?

TAYLOR said...

In response to your question: No.

I should've figured you knew who MARC Faber was... I also probably could've realized that if you somehow were unaware of him, you are so Google savvy you would've looked it up on your own. I suppose I'll go do that now with Kevin Gamble.