My apologies for spotty posting. I am still on vacation in the absolutely stunning Lake City Colorado. White water rafting today on the upper Taylor River in Almond Colorado, the views and the water temperature were simply breathtaking. For those interested the upper Taylor is class 3 rapids. I will try and get some charts up for viewing.
Nice little rally today. My question for you was it shorts getting stopped out or was it fresh buying. A look at a 5 minute chart should answer the question for you. Nothing can propel a market like bears running for cover, so please don't confuse today for a bottom, no matter what Larry Kudlow tells you, over and over again!
Looks like the gig may be up for Fannie and Freddie, yup with that kind of news the bottom in financials must surely be in. The head of OFHEO Lockhart, can repeat over and over again how they are A-okay and an accounting rule should not change their capital needs. My guess is if you believed the proclamations of Bernanke and Paulson that all was contained and would blow over then you are probably swallowing whole Lockharts rants that the boat is not sinking.
I was stopped out of my 1 unit long U.S. Gasoline position at $62.30 for a $2 gain.
I was stopped out of 2 units of my SRS position at $99.15 and $97.35 for gains of $10 and $8.25 respectively. This still leaves me with 1 unit long of SRS.
I am lowering my stop on DAI to $65.94
I am lowering my stop on EAT to $19.64
I am lowering my stops on DB to $93.37/88.34
I am lowering my stop on V to $80.16
I am lowering my stop on IBM to $126.14
Good speculating to you all and always remember that "an investor is a speculator who made a mistake and will not admit it".
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 3 units Ultrashort Dow DXD@ $50.12 stops $62.22/60.49/58.62
Long 2 units Ultrashort Financials SKF @ $103.90 stops $146.47/139.46
Long 3 units Currencyshares Swiss Franc ticker FXF @ $97.35 stop at $93.82
Long 1 units Ultrashort ReEstate ticker SRS @ $88.95 stops $92.72
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at $41.91
Long 1 unit Ultrashort S&P ticker SDS @ $57.20 stop $61.57
Long 2 units Hecla Mining ticker HL @ $8.50 stop at $7.16
Long 2 units Kinross Gold ticker KGC @ $18.93 stop at $17.56
Short 1 unit Daimler AG ticker DAI @ $86.20 stop at $65.94
Short 2 units Brinker Int'al ticker EAT @ $20.07 stop at $19.64
Short 2 units Darden ticker DRI @ $36.35 stop at $35.36
Short 1 unit Lehman ticker LEH @ $43.70 stop at $28.32/24.43
Short 2 units Deutsche Bank ticker DB @ $117.03 stops at $93.37/88.34
Short 1 unit of Visa ticker V @ $86.25 stop at $80.16
Short 1 unit HSBC ticker HBC @ $83.23 stop at $80.53
Short 2 units of Netflix ticker NFLX @ $30.35 stop at $29.43
Short 1 unit of IBM ticker IBM @ $122.80 stop at $126.14