Thursday, June 5, 2008

Short the Nazdaq via QID

We have a nice rally going today which is putting lots of smiles on the bulls. Many believe that tech is the place to be, which I wholy disagree with given a recession with affect them as substantially if not more than mainstream business as tech spending slows. Call me simple but thats how I see it.

The Quad Q's (above) show a nice rally which I am prepared to fade this morning. Possible a small double top developed here. I will use my preferred vehicle to short the Naz using the Ultrashort QQQ ticker QID at $36.95 with a stop at QQQQ $52.24

Housekeeping notes;

I was stopped out of my 3 unit short position on the retail holders RTH at 98.60 for a 2pt loss on 3 units. Nice little squeeze being put on by the boys in that sector. Yup, must mean all is well with the consumer and retail in the land of Oz. You have no idea how tempted I am to put this trade back on immediately but I will not as it could be anger talking and not sound thought.

Good speculating to you all.

Open Positions:
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 3 units Ultrashort Dow DXD@ $50.12 stops 2/1 at DIA $130.26/127.34
Long 2 units Ultrashort Financials SKF @ $103.90 stop at XLF $26.72/25.54
Long 1 unit Currencyshares Swiss Franc ticker FXF @ $96.25 stop at $93.82
Long 3 units Frontier Oil ticker FTO @ $28.35 stop at $27.82
Long 1 unit Ultrashort Real Estate ticker SRS @ $88.10 stop at IYR $71.08
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at QQQQ $52.24
Short 1 units Daimler AG ticker DAI @ $86.20 stop at $82.48
Short 1 unit Brinker Int'al ticker EAT @ $21.25 stop at $22.44
Short 2 units Goldman Sachs ticker GS @ $191.53 stops at $184.43/180.76
Short 2 units Darden ticker DRI @ $36.35 stops at $36.37/$35.24
Short 3 units Lehman ticker LEH @ $43.70 stops at $40.54/$36.27/32.47
Short 2 units Deutsche Bank ticker DB @ $117.03 stops at $114.89/105.37
Short 1 unit HSBC ticker HBC @ $ 83.65 stop at $86.78

No comments: