I'm back to net-short (1.33 to 1), after firing fresh into wounded sucklings, oozing mostly from tarred and feathered oil pits.
God these were ugly on the tape today.
There was an attempt of a bounce in the overall market today, but it went nowhere in the end. Nasdaq was higher by 1%, but gave it up and finished slightly lower. Tomorrow is another day and another chance for a bounce, but I don't have all week. Weekly jobless claims come before the open and then Friday is an option-expiration session (equates roughly to guard-your-privates-and-run action these days). If the market cannot show any strength after the wrenching the day before, then I am looking to lean on it again. I did, but not yet with any sizable index shorts (those could come tomorrow, depending)
I mentioned oily rags. I saw many Oils making lower-lows today and I took aim at those bleakest, carving into new-low territory on strong, rising volume. I am selling-low and looking to cover-lower. In other words, these might be quick-plays but then I think they they'll set-up again for more damage later. The idea is to cover on any sign of panic, or gradually scale-out on general weakness, if the action is more subtle. If they revive with sudden life instead (strong volume advance), I grab my balls and run away.
Here is the short-list for the Oil Uglies. I'm short a few now, but they all show potential. For reference, last weekend's list of Financial Death Troves can be seen here. My current positions are detailed just below...
Slick Ward (List of Oil Shorts):
XEC (reported wed., 18feb)
CXO (reports 24feb)
SFY (reports before open tomorrow, 19feb)
PWE (reported aftr-close today, 18feb)
NBR (reports 24feb)
RDC (reports 26feb)
ROSE (reports 27feb)
Currently Short (according to size): XEC (new), BBT, SIVB, VNO, HST, CXO (new), AXA, SGY (new)
Currenty long (according to size): AVAV, ATHN, POT (trade-only)