Summary:
Lost about half a percent as that running in mud feeling continues. SNEN reported earnings on Tuesday of $.09 and lowered their expectations slightly. The market was underwhelmed but it rose on Friday. They continue to develop their retail CNG station network, but obtaining permission has taken longer than expected. NRF fell on a securities offering.
Another week of minimal trading. I sold some NRF before the offering announcement and bought back more afterwards. I sold some June covered puts against my shorts in KBH and LEN. The latter promptly fell below the exercise price of 17.5. I also picked up some CNEH, a small Chinese oil company which just reported earnings of $.17/share. Not bad for a company selling in the 4s. I picked this up after a poster recommended it.
This market seems to be going nowhere. Is it mustering its strength or ready to collapse. I don’t have any strong presentiments either way.
Positions:
Long: ACY AHR ALSWF ANH CHNG CNEH EPMWF GA GREXF MDNNF MEAOF MLKKF NLY NRF QADMF RICK SGTI SNEN XSI.
Short: GCI KBH MEG MNI TOL.
Options Long:
Calls Short: NRF Jun 12.5.
Puts Short: ANH Jul 10; CMO Jun 12.5, Aug 12.5; KBH Jun 20; LEN Jun 17.5; MFA Jul 10; NLY Jul 20, Oct 17.5; NRF Jun 7.5, Oct 7.5.
Cash: 5.8%
Short Pct: 10.6%
Read:
Stocks Researched:
Positions most worried about: .
Positions most sanguine about:
Biggest market worries: not feeling worried even though there’s probably more unexpected financial writedowns out there.
Thinking about:
Outlook ( up-flat-down surety rating: 1-5 reasoning):
US: flat-down, 2.0; still not out of the soup.
Tech: ??
China: up, 3.0; strong economy and has fallen alot.
Silver: flat s/t, 2.0, price action; l/t up, 1.0, industrial demand, but price rises.
Gold: who knows? has risen alot.
Copper: flat-up, 2.0. China demand.
Zinc: flat, 2.0. Stocks stabilizing.
Real life: felt real tired this week; didn’t accomplish much.
Weekly sleep and exercise: not much exercise. Sleep decent.
Mood: a little impatient
