Monday, June 2, 2008

Shorting HSBC and watching Heating Oil.

The chart above of British bank HSBC ticker HBC has had a wonderful, polyannic run of late. Causing extreme pain for the bears. The time has come to take advantage of the recent rollover and get short 1 unit of HBC here at $83.75 I will add on a move below $83 barring a major multiple pt. gap down thru that level.

The heating oil etf ticker UHN is a relatively new trading vehicle so it is a little thin. As my notes indicate I missed the move up thru $54. I have been watching and waiting and still am with an eye on the $58 area to get acquainted on the long side.

Housekeeping notes;

I was stopped out of Allis Chalmers ticker ALY at $16.25 this morning on the open which was the low of the day, so far. This represents a small gain of just less than 2 pts which is much better than a surprise kick in the teeth party!

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 $132.68/130.26
Long 2 units Ultrashort Financials ticker SKF @ $103.90 stop at XLF $26.72
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
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 $24.14
Short 3 units Retail Holders ticker RTH @ $96.72 stop at $98.56
Short 2 units Goldman Sachs ticker GS @ $191.53 stops at $197.68/$193.58
Short 2 units Darden ticker DRI @ $36.35 stops at $40.27/$38.34
Short 3 units Lehman ticker LEH @ $43.70 stops 2/1 at $47.46/$45.48
Short 2 units Deutsche Bank ticker DB @ $117.03 stop at $120.18
Short 1 unit HSBC ticker HBC @ $ 83.65 stop at $86.78

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