Summary:
Fell 0.7% for fourth straight loss. Markets feel weak. The Bear Stearns fund blow up shows subprime woes are not over. I’m shorting Bear tomorrow and maybe NFI as well if shares are available. Housing also remains weak. I added to my LEN short today.
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: 27.4%
Short Pct: 15.5%
Trades:
Read:
Stocks Researched:
Hours spent on market: 1.0
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.
Previous night sleep and exercise: 7.0 hrs; biked Fri, soccer Sat, biked Sunday and crashed – arm a bit bruised.
Mood: calm.
