I've spent most of this morning outside shoveling about a foot of snow. I'm only about 1/3 of the way done!
I came in to cover my NASDAQ-100 short. I sold the QQQQ at 30.07 and 31.46 in the beginning of February. I just bought it back at 26.91.
So my shorts (and longs - see Friday's trades) are really getting whittled down to nothing. Too bad my money market is yielding .22%!!!
All I have left on the short side, and I mean ALL I have left is a decent sized position in SRS, a smidge of EEV, and, I almost forgot, a moderately sized short XHB position.
On a sharp moved down today, 300 Dow point or more, I'm going to dip my toe into the long side. I think the bears are a little too giddy these days.
6 comments:
I was thinking of dollar cost averaging DXO. My cost basis is $2.71.
Here's a good laugh...not sure if the reports are correct stating they are Obama supporters...
http://www.wmur.com/news/18813192/detail.html
Kfell
That one is great! Pulled it to the front page. Thanks.
$300/barrel for oil? That would help DXO a little...
http://www.marketwatch.com/news/story/position-yourself-now-300-barrel/story.aspx?guid=%7B9C42CE1C%2DB7C8%2D4C22%2D8907%2D3A8D60BE1F0B%7D
Kfell,
2.71? Not bad.
Anon,
Oil will surely go to $300, it's just a question of timing. One year from now, or four years hence?
Well I got greedy and almost unloaded it at $2.43 at the end of the market on thursday but didn't pull the trigger. I just bought 97 gallons of heating oil at $1.99 though, does that figure in my dollar cost averaging?
Kfell
No, it doesn't.
We, as consumers, are naturally and perpetually short oil.
In other words, the more the price declines, the more we make/save.
By buying DXO you, and I, covered our short too soon!
(Of course, the net effect depends on how much we bought.)
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