My apologies for my earlier post but I wanted to get it as quick as I could.
That being said I have gotten less short of the market by selling some SDS and DXD.
Sold 1 unit of SDS at 108.60 for a profit of almost 47pts.
I am also adjusting my stop on my remaining unit of SDS upward to $99.74
Sold 1 unit of DXD at $93.40 for a gain of about 35.5 pts.
I am also adjusting my stop on my remaining unit of DXD upward to $92.43
I am long 1 unit each of the following golds.
1 unit of Agnico Eagle ticker AEM at $48.70
1 unit of Goldcorp ticker GG at $29.40
1 unit of Kinross Gold ticker KGC at $15.30
1 unit of Anglogold ticker AU at $17.80
1 unit of Newmont Mining ticker NEM at $34.75
1 unit of Goldfields ticker GFI at $8.50
If the powers that be cannot arrest this market decline or at least slow it to an acceptable rate, they will most certainly close the exchanges. While I would vehemently disagree with this type of action, what I want is not what I will get. Am am suggesting this based on their prior actions.
You can say what you want about my decision to jump into the golds here as being emotional and quite frankly I cannot deny that it may have something to do with it. I watch the sector regularly as any trader worth his salt does, and they have been in freefall along will all else. That being said if I am going to be long of anything at this juncture, and if they are going to close the exchanges, then it sure as heck might as well be nice basket of liquid gold stocks.
I will have some charts on the above golds in the near future for you to critique.
I am also moving my stops down on 2 units short AAPL to $97.51 and $102.21
I hope everyone who stops in to catch this blog is very well prepared for what has transpired this week. If you have been stopping by Prudens Speculari and others like it you have been out in front of what is transpiring.
I wish them no ill but it is truly sad to watch our friends on pom pom TV as this unfolds. The confusion amongst them, the grasping at straws for answers would be comical if it were not so sad. When I say sad, I mean sad for the poor souls who lean on the station and their resident shills they drag out on a daily basis pimping stocks.
But what would a bunch of useless, braindead, too much time on our hands group of bloggers know anyway. I caught Erin Burnett's interview with Peter Eliades today in which she hilighted his performance, which was up 18%, good for you Peter. Anyway, in the exchange, she mentioned that the last time she had him on the show, he had been very bearish and then I think accidently she let slip that she took a lot of heat for having him given his bearish prognostications.
This small example is yet another in a long list of examples of why CNBC is often referred to as CNBS, financial porn, and my own little contribution, pom pom TV.
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Long 1 unit of Ultrashort S&P ticker SDS @ 61.75 stops at $99.74
Long 1 unit of Ultrashort Dow ticker DXD @ $57.85 stop at $92.43
Long 1 unit of Ultrashort 20yr TBond ticker TBT @ $60.10 stop at $53.93
Long 1 unit of Agnico Eagle ticker AEM @ $48.80 stop at $43.61
Long 1 unit of Goldcorp ticker GG @ $29.50 stop at $24.42
Long 1 unit of Kinross Gold ticker KGC @ $15.40 stop at $12.98
Long 1 unit of Anglogold ticker AU at $17.90 stop at $15.39
Long 1 unit of Newmont Mining ticker NEM @ $34.85 stop at $31.86
Long 1 unit of Goldfields ticker GFI at $8.60 stop at $6.14
Short 1 unit Int'l Bus Machines ticker IBM @ $129.05 stop at $104.89
Short 2 units of Apple ticker AAPL @ $178.05 stop at $97.51/$102.21
Short 2 units Salesforce.com ticker CRM @ $56.05 stop at $38.71/$42.12