Wednesday, November 12, 2008

More Market Carnage

Wowsers! Look at the blood today. Also, not listed above, was Ken Lewis' Bank of America which closed at $17.00 - an almost 13 year low! I am still short that thing from 30.50 or so.

Google dropped below $300 for the first time in 3 years. Remember I sold my long term position in Google at $447 on September 19th.

Today, I started buying it back. Bought a little at 290.39.

I dumped my January 15 First Federal puts at an average of $10.00 apiece. Bought them back in May for 2.90. I don't have the patience or the luck to hope for bankruptcy before January expiration. ESPECIALLY since I got screwed in this stock back on September expiry as the stock spiked to $20.

I also bought a little (50%) more of DXO - the double long oil ETF - at 4.21.

Remember those 76 extra shares of SKF I got stuck with? I didn't make "75 points" on these stragglers, more like 48 points. I wanted them *off my sheets* as we used to say on the trading floor. They were dumped today at 172.26.

It's almost time for the market to really crash since my shorts are just about exhausted.

I am still short a little JP Morgan Chase, a little Bank of America, and a lot of Wells Fargo - but that's about it.


Paul Mitchell said...

GOOG is about the only single stock that I have been following, it's down like 29% since last Wednesday morning. Starbucks is off 25%.

The Vanguard Total Market that I was in until Oct 2007, is off 16% in a week.

Dang. My Dow 7400 looks good for TOMORROW.

Funny Circus Bears said...

I bought BAC @ 17.25, GOOG @ 296, NUE @ 30.50, AAPL @ 90.20, and some misc. energy based high div payers.

I am hoping for a big downward day tomorrow like 500 or 600 down on the dow.

WFC is on the brink of breaking down through its print price, in which case I will buy in the low 20's.

The buy and hope port is bulging. Hopefully Santa won't empty his sack on me.