Tuesday, July 22, 2008

Update on Fedex Short

I have been watching quite a few items closely the last few days but Fedex has caught my eye today. Here we have a downdraft in crude today and notwithstanding the excitement of that fact on pompom TV, FDX cannot better yesterdays highs. If the bulls were serious about running FDX the crude story should have lit their fuse. Some may find this small potatoes but I find this worthy of note. Add this to the fact that the volume on Fedex is extremely light and you now start to think there is a fly in the ointment. This type of divergent action is exactly the type of clue we need to watch for.

I will be adding a 2nd unit to my FDX short position as soon as FDX breaks the $79 level.

Good speculating to you all and always remember that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 6 units Currencyshare Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 2 units Ultrashort Dow DXD@ $50.12 stops $60.49/58.62
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 1 unit Ultrashort S&P ticker SDS @ $57.20 stop $66.89
Long 2 units Hecla Mining ticker HL @ $8.50 stop at $7.74
Long 2 units Kinross Gold ticker KGC @ $18.93 stop at $21.24
Long 2 units Ultrashort 20yr Treasury ticker TBT @ $67.85 stops at $69.24/68.32
Long 1 unit SPDR Gold trust ticker GLD @ $94.95 stop at $91.84
Short 2 units Brinker Int'al ticker EAT @ $20.07 stop at $19.64
Short 2 units Darden ticker DRI @ $36.35 stop at $33.16
Short 1 unit Deutsche Bank ticker DB @ $117.03 stops at $93.37
Short 1 unit of Visa ticker V @ $86.25 stop at $76.32
Short 2 units of Netflix ticker NFLX @ $30.35 stop at $29.43
Short 1 unit of Fedex ticker FDX @ $79.05 stop at $81.32

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