Summary:
Took a 1.4% knock today. As in February, trouble began in China, where heady growth numbers raised concerns that Chinese authorities will tighten monetary policy. Shanghai fell 4%, but unlike it February, the US markets largely yawned and ended the day flat. Metals prices fell, however, and this hit my mining positions.
I sold some SLW this morning (for a 10% profit in about two weeks) and mulled heavier cuts but contented myself with getting rid of small positions in KF and TDF. I may add back the SLW and TDF. I also bought more MLKKF. I don’t think today was the beginning of the end or even will be as serious as the February squall. I reserve the right to change my mind.
Positions:
Long: JEQ JSC AUY SLW NTO NXG HBMFF ALSWF JAGNF FFHL EGLE AOB XSI UAHC NTLRF TNH NM NLY MDN.TO DSX ONAV ETEL GREXF MLKKF
Short: BKC LEN GCI HBI HLS
Options: AUY May 15 call
Cash: 6.5%
Short Pct: 7.2%
Trades: Sold TDF@23.77, KF@34.84. Reduced SLW@11.10. Added MLKKF@5.27
Read:
Stocks Researched:
Hours spent on market: 1.0
Positions most worried about: FFHL. Reporting seems suspicious.
Positions most sanguine about: Japan, good economic data continues. XSI, good talk with the CEO. Miners.
Biggest market worries: economic softness in the US
Thinking about: shorting more. adding XSI, MLKKF.
Outlook ( up-flat-down surety rating: 1-5 reasoning):
US: flat, 2.0;
Tech: ??
Japan: up, 2.0; strong GDP, but weak international markets
China: up, 1.0; price action
Silver: up, 1.0
Gold: up, 2.0; GFMS study
Copper: ??
Zinc: ??
Real life: Sister in town so doing family things in addition to studies. Previous night sleep and exercise: 7 hrs; 30 min on exercise bike Tues.
Mood: Good. A little lethargic today, maybe from nasal stuffiness or the measly two drinks I had last night.
