Thursday, November 06, 2008
Post-Election Sell-Off - Take 2
Okay, what did I do today? First, you might want to revisit my most recent trading update.
The rest of my EEV from Tuesday....I dumped at 95.00 this morning. I had gotten in at 80.60 and 74.75 and shed half of it at 82.58. Look where it closed, 102.25!
The SKF that I bought at 118.21 on Tuesday....I dumped at 134.02 today. On the graphic, you can see it closed 10 points higher. Yeah, I made 16 pts in two days, BUT I bought 8 points too early and sold 10 points to early. There was a lot of *edge* on this trade.
I sold the Wells Fargo November 30 puts at 2.70....those I had bought at 1.50 last week.
And that's all I did today - beside watching my huge short Wells Fargo position finally go in my favor.
They placed a $10 billion secondary at $27 after the close. Was West Coast Tom prescient, wired, or lucky? Two days ago he said Wells was going down.
It closed at 35.11 per share on Tuesday when he made his prediction.
Right now, in after-hours trading, Wells is down to 27.22!!!
Obviously, I've been getting in TOO SOON and getting out TOO EARLY. Still, I've done pretty well recently. Why didn't I make these trades *in size*???
Will we see a Post-Election Sell-Off - Take 3 tomorrow?
I don't think so.
If the market goes down substantially in the morning I will look to get long, again.