Thursday, April 02, 2009

Quicknote (protecting gains slightly)

Internals are very strong so far today, but the potential to sell on the news may be high. I've reduced long exposure, but not significantly at this point.

I paired-back a bit on some extended and/or thin names. And on the other side I'm hedging some, using GS above or below its 200-day MA as the key. GS is presently below the 200-day price of 115.60, but not by much. If GS can re-take the 200-day and hold, then I will let go the (new) FAZ hedge. If GS starts trending lower now, I will increase FAZ to further protect longs here. [written fast here - I'm not short GS, but using it as key to adding/reducing new FAZ hedge]

I also added ACC short earlier today (18.28 ave). However I should stress that I came into the day exceptionally long, so these shorts today represent only a slight hedge at this point.

I'll update the full position here in another hour or so. In the meantime I continue to Twitt the changes live.

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