Summary:
I thought yesterday was bad but today was even worse. ALSWF, which dropped 10%, was the big culprit. My orders for DRYS and DSX got hit today. Patience paid off. These guys ran up big last week and had I chased I would have been sorry.
Positions:
Long: JEQ NXG HBMFF ALSWF FFHL XSI NTLRF EXDUF GREXF MLKKF QADMF SHERF OKOFF OCNF ESEA MVO BWLRF SEA DRYS DSX
Short: GCI HBI HLS MNI AMZN YHOO BSC LEN TOL.
Options:
Cash: 23.6%
Short Pct: 17.5%
Trades: bought DRYS@54.34, DSX@26.00
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: 7.0 hrs; light biking Tuesday.
Mood: calm.
