Summary:
Flat on the day. The S&P hit a new high as markets ignored a 6.5% drop in Shanghai. Why the quiescence? Perhaps because the cause of the fall, the raising of a transaction fee by Chinese authorities, was more clear, or perhaps because the last Shanghai drop didn’t have any longer-term effects. Markets were also cheered by the Fed’s minutes which was more sanguine about the economy.
No trades today.
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: 23.5%
Short Pct: 14.7%
Trades:
Read:
Stocks Researched:
Hours spent on market: 0.5
Positions most worried about: FFHL, reporting seems suspicious. Metals, continue to drop. How close are we to a bottom?
Positions most sanguine about:
Biggest market worries:
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: 7.0 hrs; soccer Friday.
Mood: Calm.
