Summary:
The Bear Stearns mayhem non-withstanding, it wasn’t a terrible week. As I spent the week in Rio and Sao Paolo for my friend’s wedding, I had very little market time. I got hit on a buy order for ACY and my WM 12.50 puts were assigned to me. Besides that, the NRF puts and ONAV calls I had sold expired worthless.
Things look a lot better now than at the beginning of the week, but I’m sure there will be another lurch soon.
Positions:
Long: ACY AHR ALSWF ANH CHNG DSSPF EPMWF FFHL GA GREXF MDNNF MEAOF MLKKF MMG NLY NRF ONAV QADMF SGTI SNEN XSI.
Short: GCI KBH MEG MNI TOL.
Options Long:
Calls Short: NRF Jun 12.5; KBH Apr 35.
Puts Short: NRF Jun 7.5; KBH Apr 15; ANH Jul 10; MFA Jul 10; NLY Jul 20.
Cash: ?%
Short Pct: ?%
Read:
Stocks Researched:
Positions most worried about: ALSWF (despite great results what if I’m wrong), SNEN.
Positions most sanguine about:
Biggest market worries: recession spreading beyond US
Thinking about:
Outlook ( up-flat-down surety rating: 1-5 reasoning):
US: flat-down, 2.0; credit woes.
Tech: ??
Japan: not invested – don’t care anymore.
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: flat-down, 2.0. China, but stocks rising.
Zinc: flat, 2.0. Stocks stabilizing.
Real life: off to Brazil and Argentina.
Weekly sleep and exercise: spotty workouts while on vacation. Sleep very irregular.
Mood: calm, good
