I am lowering my stop on Bank America to $31.46. It is always nice to get an immediate move in your favor which offers some insulation from market noise.
I am also lowering my stop on Wells Fargo to $30.26, which is just above my entry level.
I am in no way doubting my short in these 2 financials, for they are as sick and contaminated as the rest, notwithstanding what their cheerleaders may propagandis. You must be respectful of the fact that you can never underestimate the conviction of delusional short bus riding equity managers in charge of other peoples money. These are desperate times for performance and I would assume many of the hedge fund valet boyz, rather than cut their losses, as true pros would do are doubling down in the financials. It will end in ruin but that doesn't mean that cannot take some courageous shorts down with them.
Neflix posted supposed great numbers and what did the stock do.... if you're long don't ask but if you're short, it did squat.
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 6 units Currencyshare Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 1 unit Ultrashort Dow DXD@ $50.12 stop at $58.62
Long 4 units Currencyshares Swiss Franc ticker FXF @ $97.70 stop at $93.82
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at $42.87
Long 2 units Hecla Mining ticker HL @ $8.50 stop at $8.09
Long 2 units Ultrashort 20yr Treasury ticker TBT @ $67.85 stops at $69.24/68.32
Long 1 unit SPDR Gold shares ticker GLD @ $91.55 stop at $89.19
Short 1 unit of Visa ticker V @ $86.25 stop at $75.43
Short 2 units of Netflix ticker NFLX @ $30.35 stop at $29.43
Short 1 unit Wells Fargo ticker WFC @ $29.90 stop at $30.26
Short 1 unit Bank America ticker BAC @ $32.70 stop at $31.41