Tuesday, November 04, 2008
November Trading Update
As keen readers know, my core trading positions have been whittled down and I am now establishing new ones.
Last week, I doubled down on my JP Morgan short. Cost basis is now 38.83.
I also bought a few November 30 puts in Wells Fargo for 1.50.
Just now I bought a little SKF at 118.21.
And I got back into EEV at 80.60 - that's the UltraShort Emerging Markets ETF.
Look at its recent wild ride as China, Russia, and other wannabe First Worlders have gotten hammered:
Remember I got in EEV at 63 and dumped it at 83 in July - waaaay too soon. See my July Trading Update.
I just nibbled here at 80.60. I hope it goes lower so I can add at better prices.
The overall markets have firmed up last week and into today's election (Dow up 266pts at 11am). Seemingly stocks always rally on election day no matter whom gets elected.
There must be considerable relief for corporate America when they can reduce their bribery budget from two candidates to one!
Note the Dow has now rallied 18% off its closing low of 8,175. Watch how far these Morons rally this thing.
Light on positions, I'd really love to see the Dow hit 10,500 so I can whack the market but good, again.
UPDATE - I had to sell into this rally a bit. Bought the UltraShort S&P 500 ETF - SDS at 78.50. Hopefully this will be a quick scalp.
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I think this is the quarter that your WFC positions pay off. I've *heard* the news is FINALLY coming out.
You better not be messing with me!
I hate the trade right now. Stock refuses to go down. Who would have thought a bank could trade at 30 times actual EPS?
What do you think of that chick trader?
Probably cusses a lot.
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