Summary:
Up 0.15% today. FFHL jumped a newsless 7.5% and base metal miners did well. With a four day win streak, greed and impatience are beginning to supplant fear, but not sure where to deploy cash. Suppose I could buy more ALSWF.
I took a look at some of my sales to see if they were as bad as impatience is presenting them and as of now the tankers are up somewhat with ESEA the one I regret most. NLY was a good sale. KF bad, and TNH horrible. Sold around 70 and it has jumped to over 110. I sold because the stock had an intraday collapse after a big run-up. I guess I should re-evaluate the validity of this signal. NFI cratered after a similar move in 2004 though I guess the fundamentals were different. Maybe in these cases one should wait till the fat lady has at least sounded her first note. In NFI’s case, concerns were in the air. Less so now with TNH.
On a non-trading note, I saw Roger Waters in Orange County on Friday and it was an amazing show. Still some tour dates available. I highly recommend to any Pink Floyd fans though you’ll probably have to get scalped tickets.
Positions:
Long: JEQ NXG HBMFF ALSWF JAGNF FFHL AOB XSI NTLRF EXDUF ETEL GREXF MLKKF TRA QADMF SHERF OKOFF.
Short: LEN GCI HBI HLS MNI AMZN YHOO TOL.
Options:
Cash: 28.5%
Short Pct: 14.9%
Trades: None.
Read:
Stocks Researched:
Hours spent on market: 2.0
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: rate rise induced meltdown
Thinking about: shorting more.
Outlook ( up-flat-down surety rating: 1-5 reasoning):
US: down, 2.0; rates are rising
Tech: ??
Japan: down, 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: Working on summer schedule. Had a fun weekend.
Previous night sleep and exercise: 6.0 hrs; walked around the San Diego zoo Sunday – hope that counts.
Mood: good generally. a little impatient marketwise.
