Summary:
Down 0.6% today. Miners were mixed with metals prices. Physical stocks of most industrial metals continued to fall, however, and these will not be helped by a strike in Peru.
I added more MLKKF and sold some EGLE. Dry-bulk fundamentals continue to be strong, but some of the other dry bulkers may offer value. Or so a report by brokerage Jefferies indicates. I suppose with my recent gains I was looking to take some profits and EGLE’s run up and weakness today made it a candidate.
Today also vindicated my sale of TNH , another position which had run up. I am still thinking of re-adding based on fundamentals, but after its fall today I think its better to let it drift for a while.
Positions:
Long: JEQ JSC AUY SLW NTO NXG HBMFF ALSWF JAGNF FFHL EGLE AOB XSI NTLRF NM NLY MDN.TO DSX ONAV ETEL GREXF MLKKF SEA OCNF
Short: BKC LEN GCI HBI HLS MNI
Options: AUY May 15 call
Cash: 7.7%
Short Pct: 10.3%
Trades: Added MLKKF@5.02; sold EGLE@22.51
Read:
Stocks Researched:
Hours spent on market: 0.5
Positions most worried about: FFHL, reporting seems suspicious.
Positions most sanguine about: XSI, good talk with the CEO.
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, 1.0; strong GDP, but weak international markets
China: up, 1.0; price action
Silver: up, 1.0; industrial demand.
Gold: up, 2.0; GFMS study.
Copper: up, 2.0. Declining stocks.
Zinc: ??
Real life: Busy with studies.
Previous night sleep and exercise: 5.0 hrs; soccer Friday.
Mood: Good.
