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:
Marc Faber is flippin' BRILLIANT!
Who's he?
No name-dropping here, son.
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.)
Son,
I know full well who Mark Faber is.
Have you ever heard of Kevin Gamble?
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.
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