Summary:
Up 0.6% today. Most of that was actually from yesterday when the US market was closed but Toronto was open. Got help from the usual suspects. XSI fell 2% today after being down 7% most of the day. Still well up from its 15% gain on Friday, but the amounts moving the stock are small. I will be calling the CEO soon for an update.
I closed part of my AMZN short today as I don’t feel much clarity as to where it is moving. I’ve been thinking about re-adding my tanker stocks, but not sure yet. I may also add some Japan back. They reported good economic numbers recently, and I feel I should do something with my cash hoard.
Positions:
Long: JEQ AUY SLW NTO NXG HBMFF ALSWF JAGNF FFHL AOB XSI NTLRF NLY MDN.TO ETEL GREXF MLKKF SEA TRA QADMF NM
Short: LEN GCI HBI HLS MNI AMZN YHOO
Options:
Cash: 23.8%
Short Pct: 14.7%
Trades: Bought back part of AMZN@69.25.
Read: Economist article on dangers of China stockmarket froth. Won’t sink China, but could sink other overvalued exchanges.
Stocks Researched: MTN Group (MTNOY), an African telecom maker. Exciting prospects but fairly valued IMHO. Scorpio Mining(SMNPF), a mining company recommended by a knowledgeable poster. Too far from production for me to evaluate. I like earnings projections and none so far.
Hours spent on market: 3.0
Positions most worried about: FFHL, reporting seems suspicious. Metals, due for a drop.
Positions most sanguine about:
Biggest market worries: metal meltdown.
Thinking about: shorting more. Adding MLKKF, EDVMF, ROY.
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: ??; price action, but getting bubbly.
Silver: flat-down s/t, 2.0, price action; l/t up, 1.0, industrial demand.
Gold: flat-down s/t, 2.0, price action; l/t up, 1.0, industrial demand, GFMS study.
Copper: flat, 1.0. Shanghai stock drop on 5/25.
Zinc: up, 2.0. Declining stocks.
Real life: Gave presentation today. Went ok. End of quarter looms.
Previous night sleep and exercise: 3.0 hrs; soccer Friday.
Mood: Calm.
