Summary:
Slight loss today of 0.2%. I saw dry bulkers start to run today and decided to add though most of my open orders weren’t able to catch up to them. To make room for them in my IRA I dumped some JEQ. I also tried to increase my MNI short only to find out there are no shares available.
Late in the day, BSC reported two of their troubled funds are now almost worthless. Both the company and Asian markets are trading off after hours. Expect some turmoil tomorrow.
Positions:
Long: JEQ NXG HBMFF ALSWF FFHL XSI NTLRF EXDUF GREXF MLKKF QADMF SHERF OKOFF OCNF ESEA MVO BWLRF SEA.
Short: GCI HBI HLS MNI AMZN YHOO BSC.
Options:
Cash: 23.3%
Short Pct: 13.5%
Trades: bought SEA@13.07, reduced JEQ@8.66.
Read:
Stocks Researched:
Hours spent on market: 1.0
Positions most worried about: XSI, can’t get in touch w/ management.
Positions most sanguine about:
Biggest market worries: rate rise induced meltdown
Thinking about:
Outlook ( up-flat-down surety rating: 1-5 reasoning):
US: down, 2.0; rates are rising, Bear Stearn and subprime getting worse.
Tech: ??
Japan: flat-down, 1.0; political wobbles and subprime resonance.
China: flat-down, 1.0; bubbly and subprime spread.
Silver: flat s/t, 2.0, price action; l/t up, 1.0, industrial demand.
Gold: flat 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, but busy w/ a special project.
Previous night sleep and exercise: 6.0 hrs; biking on Saturday.
Mood: calm.
