Thursday, March 05, 2009
Too bad I didn't hold my SKF or my FAZ....(or my short COF, short LEH, short FNM, short HBC, short FED...)
Anyway, I can't complain. I can't complain one bit.
Came in short the NASDAQ today and covered it first thing at 8am. See earlier post.
I also covered the Goldman Sachs I shorted yesterday - buying back at 80.33 for a nice little 7 point flip.
And I added back the Ultrashort long term Treasury ETF - TBT - I let out the other day. I re-bought at 44.58.
I want to position myself for a bounce/squeeze. Loading up on GE was part of that strategy. But I'm having a really hard time finding other *long* candidates. As much as I wouldn't be surprised by a reality-defying bank rally, I just can't bring myself to get long any of them. Maybe I'll buy some BAC tomorrow - maybe. Or maybe I'll buy the lot of them via FAS - the triple long financials ETF.
Buying TBT is a way to make a diversified bet on a market rally. It allows me not to have to pick my poison. In fact, though I already have a bunch, I really should probably *back up the truck* and get some more.
As well as I've been doing lately, check out Attila from Xtrends. Below find his open positions:
Click to enlarge if you're blind.
Eyeballing the numbers, it looks like Attila is up $880,000 (on paper) in the past two weeks. (After making $1.4 million in Jan/Feb.)
Now, I have no idea how much of a bankroll this dude is playing with - whether or not he has investors. But there's a good chance he's just an independent trader like myself.
Regardless, this guy definitely has one set of iron balls. He rode out that FAZ, right after he bought it at 64.40, down to 47.00. Today Attila looks like a hero with the FAZ at 100.00. Tons of aspiring young traders are all over his jock at the moment.
Me? I'm definitely impressed. Though I'd need to see him topless first.
And now, finally, is our Thursday song.
Obscure but not half bad.
[Maybe it's not *obscure*; maybe I'm just out.]