I think the time has come to re-visit the Ultrashort Real Estate ticker SRS. The exuberance in this market seems to be quite frightening to the bears, which is a good contrarian sign. Lots of bulls claiming the credit crisis is over and done. The evidence doesn't support this but they don't want to hear it. Cramer claims this is 'the bottom' and I am very comfortable coppering his trade. Again my stop is tight here but I am watching with an eye to adding if if moves in my direction.
I am getting long 1 unit of SRS here at $92.60 and I will have my stop at 89.65. This will do for now.
Housekeeping notes, I was stopped out of 3 units of EEV at $ 82.60 for a small gain given my cost basis of $82.15
I was also stopped out of both units of AGCO at $ 56.70 and 58.15. Entry on this was 60.15 so a small profit there.
Good speculating to you all.
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 2 units Ultrashort China25 ticker FXP @ $84.55 stops at $84.85/$96.65
Long 4 units Ultrashort Dow 30 ticker DXD @ $58.00 stop at $53.10
Long 3 units Ultrashort Emerging Mkts ticker EEV @ $82.15 stop at $82.65
Long 1 unit Ultrashort Real Estate ticker SRS @ $92.70 stop at $89.65
Short 3 units of Deutsche Bank ticker DB @ $117.15 stop at $119.40