Summary:
Got pummelled for another 1.6% today. Five straight loss have taken me down about 4.5% from my peak on June 19th. Not life threatening but it is causing me concern. I sold JAGNF today as I have less confidence in gold than industrial metals. I reduced some MLKKF as I wanted to get out of the mindset that it is untouchable. I also sold short some Bear Stearns (BSC) as I don’t think their problems are over.
Positions:
Long: JEQ NXG HBMFF ALSWF FFHL AOB XSI NTLRF EXDUF ETEL GREXF MLKKF TRA QADMF SHERF OKOFF.
Short: LEN GCI HBI HLS MNI AMZN YHOO TOL.
Options:
Cash: 30.1%
Short Pct: 18.6%
Trades: Sold JAGNF@6.60; reduced MLKKF@6.78
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-up, 1.0. Strikes on the horizon.
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.
