Gained another 4.6% last week as financial such as NRF and CMO gained and my shorts performed well too. I sold into strength dumping a bunch of NRF, and some NRF-B SGTI and SNEN. I finally got out of the CFC-B for a small profit. The poster’s convergence theory (to BAC-X as this is now a BAC obligation with the same yield as BAC-X) did not pan out. I also shorted some LEN and added to ONAV.
Long: ALSWF AGNC CFC-B GREXF MDNNF MEAOF ONAV NRF NRF-B SGTI SNEN WHX.
Short: CRM GAP GCI HOT LEN MEG TOL.
Calls Long: .
Calls Short: .
Puts Short: NRF Jan 5, Jun 5.
Short Pct: 21.4% (29.9% of margin acct)
Positions most worried about: SNEN – how hard will China slowdown hit and no guidance.
Positions most sanguine about:
Biggest market worries: the market .
Outlook ( up-flat-down surety rating: 1-5 reasoning):
US: flat, 1.0; .
China: ??; economy softening more than expected
Silver: flat s/t, 2.0, price action; l/t up, 1.0, industrial demand, but price rises.
Gold: who knows
Copper: flat-down, 2.0. US demand falling.
Real life: fairly productive. designing a new Facebook app
Weekly sleep and exercise: injured again; playing soccer but not much else.