Summary:
It got a little bumpier this week but I still gained about 2%. Stars of the week included XSI, SNEN, ALSWF, and mining stocks. CHNG went on a rollercoaster ride, jumping 25% on Monday then closing the week down slightly. I added some on Monday but after re-examining the fundamentals, sold that lot on Wednesday.
I did a fair amount of trading, adding to XSI, SNEN, NRF and ONAV (which I think are still good values particularly SNEN), reducing ALSWF, QMAR and ANH (got skittish on Tuesday and Friday downdrafts), and selling short homebuilders TOL, KBH and newspaper company MEG (for reasons I’ve detailed before). I also bought some BQI on a poster recommendation. This is an oil sands company which is still far from production, but I guess I was influenced by the oil price. I also bought the 2.50 Jan call and sold the 5.00 Jan call. The 2.50 call had almost no premium while I got 0.95 for the 5.00 calls. I’ll probably sell the BQI and keep the calls.
The ups and downs have left me a little more cautious. We’ll see what Monday brings.
Positions:
Long: HBMFF ALSWF FFHL XSI EXDUF GREXF MLKKF QADMF BWLRF DRYS ONAV ERF HTE ANH ANH-A CHNG NRF PRGN GMO MDNNF CMO-A MMG SMNPF DEEP SNEN, BQI
Short: GCI HLS MNI TOL KBH MEG.
Options: long BQI Jan 2.5 call; short BQI Jan 5.0 call
Cash: 6.9%
Short Pct: 8.7%
Read:
Stocks Researched:
Positions most worried about: nothing really.
Positions most sanguine about:
Biggest market worries: what me worry?
Thinking about:
Outlook ( up-flat-down surety rating: 1-5 reasoning):
US: flat-up, 2.0; bailed by the Fed.
Tech: ??
Japan: flat-down, 1.0; political wobbles and subprime resonance.
China: up, 3.0; strong economy.
Silver: up s/t, 2.0, price action; l/t up, 1.0, industrial demand.
Gold: up s/t, 2.0, price action; l/t up, 1.0, industrial demand, GFMS study, US$ weakness.
Copper: up, 2.0. China.
Zinc: up, 2.0. Declining stocks.
Real life: trying to work on the website project but the market has been very distracting. must find a Halloween costume and preparing for a sparring match with a friend of mine.
Weekly sleep and exercise: soccer, biking, etc. Been going out alot. sleep fitful, lots of naps.
Mood: calm.
