Monday, June 9, 2008

Watching I-shares DJ Real Estate. IYR

Having some trouble posting charts this morning (will do so as soon as I can) but I want to draw attention to the real estate i-shares ticker IYR. Readers know I am short this via the ultrashort real estate ticker SRS. I intend to get even shorter if IYR can break the $67.35 level. When this happens I will add a 2nd unit long of SRS.

Lehman, what is there to say about this one except feel sorry for the longs... no check that. The writing has been on the wall for some time. Choosing to ignore and worse, chasing good money after bad via averaging down which is what participants in this mornings dilution party, leads to awful end results. Ask Nick Leeson and Jerome Kerviel for an explanation.

Housekeeping notes;

With all the activity Friday I neglected to post my fill on a 2nd unit short of HBC on a move below $83. I was filled at $ 82.90 on the 2nd unit of HBC and will leave my stop alone for now.

I am adjusting my stops on Lehman short to $36.27 and $30.92 1 unit each.

For some reason I omitted my long positions in gasoline and heating oil which were initiated on June 4 in Testing the Water.... Long UGA and UHN.

I am adjusting my stops on them both positions given the quick run up.
UGA new stop is $60.92
UHN new stop is $60.87

I was stopped out of FTO this morning at $ 27.78 which is a loss of of about a 1/2 pt on 3 units which is miserable considering this was at $33 a few days ago. Someone explain to me why I did not adjust my stops. I think greed but stupidity is always an option with me!

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 US Gasoline Fund ticker UGA @ $60.35 stop at $60.92
Long 1 unit US Heating Oil Fund ticker UHN @ $58.00 stop at $60.87
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at QQQQ $52.24
Long 1 units Ultrashort S&P ticker SDS @ $57.20 stop at SPY $141.54
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 2 units Lehman ticker LEH @ $43.70 stops at $36.27/$30.92
Short 2 units Deutsche Bank ticker DB @ $117.03 stops at $114.89/105.37
Short 2 units HSBC ticker HBC @ $83.23 stop at $86.78
Short 1 unit of Visa ticker V @ $86.25 stop at $91.17

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