Friday, November 02, 2007

Pay Day

Ok, taking some of these shorts off the table; in case the market re-reverses higher today. The Dow, S&P500 are still down >1/2% at the moment, but the Russell 2000 is only down .25% and the Nasdaq and NDX are hardly lower now.

For a minute there it looked like a very nasty downside reversal was getting going - not so any longer. If we re-re-reverse lower...well, things should get rude and I'll be putting on individual shorts for the weekend.

Out on GRP short [oils and oil services are pretty resilient today]
Out on COH short [>25% profit there; will look to hammer again]
Reduced 50% TWM and QID [fat gains there, out of the super-sized portions for now]
Holding DBRN short [might trade out today if market makes new highs on day]

DBRN made a nice move lower. Besides the general weakness in the market, they pre-announced lower results yesterday.

I'll have more to say later if the action becomes dramatic; otherwise bon weekend.

No comments: