Friday, February 13, 2009

Pup Seals Remain on the Beach

Growth is firm on the tape today and at the same time the uglies are starting to slide again (aside from LYG, nothing is overly dramatic so far).

I love growth, even if for a day and I love shorting the uglies - so don't try this at home, but I'm going to attempt making money on both sides today.

AVAV is potentially breaking out (careful since break-outs have meant imminent doom for growth equities of late). That stock would not go down recently; let's see if this one can pull it off.
(update, be even more careful as it is back below the brkout pivot, though still higher on the day. My love is gone if this one reverses lower today).

Semi's held amazingly well during recent pressure and today names like ATMI, ASML, CCMP, KLAC, NVLS, CYMI, etc. all look live. Solars as well (ha!).

I also bot a small flier in TSYS (telecom). I unloaded the CEPH long.

Don't blame me if I sell everything later today and don't do what I do anyway, right?

Okay, enough Bulltalk - on the short-side, I added a couple of death-watch banks, STI (again) and PNC (new), some SKF and SRS, and a new stew of SDS. Let's be realistic - seal meat still covers the landscape.

Monday is a holiday, so some amount of seasonal strength exists ahead of time today. But next week is option expiration week, so look out for potential bloodletting there. I might be daytrading some or most of these (especially the longs) and out by today's close. Or I might be looking to ditch on Tuesday; we'll have to see. I will be much more short as the water turns red.

Currently market neutral here...

Current Shorts (according to size): SDS-long (SP500 Dbl-short), PNC (new), SKF-long (Financials Ultrashort), SRS-long (Commercial Real Estate Ultrashort), STI
Current longs (according to size): AVAV, FSLR, ATHN, ASML, OTEX, TSYS

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