Friday, October 10, 2008

Another October Trading Update

When I took a snapshot of the market yesterday it had barely begun to drop - Dow was down a mere 68 pts.

The above pic show the full carnage at the close - 678 pts lower. Ouch.

I took profits on my SPG short, some October WFC puts, and my large SKF position. I dumped it around 182.

Almost all I have left is a short position on HSBC Bank and a still substantial disinvestment in Wells Fargo.

Y'all expect details?

Okay, SPG I shorted at 86.50 and covered at 68.78.

October 30 puts in WFC - I bought at 3.40 and sold at 4.70.

And SKF I was in at an average of 125.25 and sold at 182.34.

I was flat-out broke two weeks ago as this short squeeze threatened both my solvency and my sanity. Obviously I've been shorting stuff waaay to soon. Nonetheless this stock market plunge was a gift from above; it would have been ungracious of me NOT TO TAKE PROFITS.

And once I cover my Wells Fargo short....the market's really going to drop!

Oh yeah, I initiated a small short position on JPM yesterday at 38.18.

On my way to NYC...

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