Tuesday, August 5, 2008

Getting Short Sun Trust - STI

I am getting short 1 unit of Sun Trust Banks ticker STI here at $44.60 as it looks to be forming a nice looking double top. The volume on the recent rally is light which is speaking to me. Remember now, this is the bank that sold it's winner KO to keep its loser, mortgages. Gotta fade that type of management.

Housekeeping notes;

I was stopped out of HL yesterday at $8.05 for a 1/2 pt loss on 2 units long.


Good speculating to you all and never ever forget 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 4 units Currencyshares Swiss Franc ticker FXF @ $97.70 stop at $93.82
Long 1 unit Ultrashort Dow ticker DXD@ $50.12 stop at $58.62
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at $42.87
Long 1 unit of Powershares Agriculture ticker DBA @ $34.50 stop $32.79
Long 2 units Ultrashort 20yr Treasury ticker TBT @ $67.85 stop at $68.32
Long 1 unit of XTO Energy ticker XTO @ $43.85 stop at $39.62
Long 1 unit of ATP Oil & Gas ticker ATPG @ $27.10 stop at $25.76
Long 1 unit of Chesapeake Energy ticker CHK @ $45.50 stop at $43.79
Short 1 unit Int'l Bus Machines ticker IBM @ $129.05 stop at $131.54
Short 1 unit Morgan Stanley ticker MS @ $40.35 stop at $43.43
Short 1 unit Sun TrustBank ticker STI @ $44.50 stop at $46.18
Short 2 units of Visa ticker V @ $71.30 stop at $75.16

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