Summary:
Down -0.2% for the day. Miner strength couldn’t make up for weakness most everywhere else. Added more LMGGF and was rewarded as it kept rising. They reported earning tonight which looked very good, though hard to know what expectations are for a small company like this.
In an impatience trade I bought back the TNH I had sold last week and it promptly fell. It was approaching where I had sold it for, so I pulled the trigger. Past history should not be a deciding factor in trading decisions, but it was here. Think the good growth prospects should bail me out in longer term. Not much market time today as very busy with studies.
Positions:
Long: JEQ JSC LMC AUY SLW NTO NXG HBMFF ALSWF JAGNF FFHL EGLE AOB XSI TDF KF UAHC FF NTLRF TNH LMGGF NM
Short: JCG BKC
Cash: -0.3%
Trades: added LMGGF@14.34, added TNH@47.40
Read:
Economist article on margin debt. Margin debt to market value ratio at highest since 1920s. Also hedge funds more leveraged and banks committing more capital as volatility has been low recently (and thus risk appears lower). All these factors have contributed to market rise. If volatility jumps, these three factors could reverse and cause a sharp turnaround.
Stocks Researched:
Hours spent on market: 0.5
Positions most worried about:
Positions most sanguine about: metals, Japan
Biggest market worries: vague feeling due for a downturn based, probably, on nothing more than been up for last two weeks and flat for the last three days. I don’t think was the Economist article mentioned above, as don’t think this will play out just yet. Perhaps even my worries are too complacent.
Thinking about:
Outlook ( up-flat-down surety rating: 1-5 reasoning):
US: up 1.0 ??
Tech: ??
Japan: up 3.5, good GDP
China: up 3.0 economic growth, Economist article 2/8/07
Silver: up 2.5, industrial, china demand
Gold: up 2.5, dollar weakness, china demand, price action
Copper: ??
Zinc: up 3, low LME warehouse stocks
Real life: research at a roadblock, getting a little worried about some deadlines
Previous night sleep and exercise: 7 hrs, light exercise yesterday
Mood: anxious. mainly studies.
