Tuesday, May 12, 2009

Quick Update

I don't want to post my thoughts right now concerning the pullback in the market. I am However sticking with the game-plan of increasing my line short as things deteriorate further; whereas I will reduce if it becomes clear we are turning positive.

Currently I am up to 2.88-to-1 net short (which plays 4-1, considering leveraged TWM and SRS; 2-x's inverse etf's); Accounts are now 41% invested.

I'm less than thrilled with the action in the GS short, but otherwise I feel good about positions. Re GS, I am hunting for a better alternative and may swap my bank short before the end of the day. If so, it will be one of the banks which priced a secondary and is now trading below the new-offering price.

I'm going to be out for 90-to-120 minutes today, during the Wallstreet lunch hour. I'll convey some stops via Twitter prior to stepping away. When I am quiet over here, such as lately, I am still posting trades over there; so follow if you care.

Total Position: 2.88-to-1 net short (plays 4-1 net short considering leverage), 41% invested

Currently Long (according to size): WNR (5.5%), CYOU (4.1%), DRI (new, 3.7%)

Currently Short (according to size):
AAPL (7.7%), TWM-long (6.3%; Russell2k Dbl-short), GS (6.2%), STRA (5.0%), SRS-long (3.0%; US Real Est. Dbl-short)
(Note: inverse-ETFs TWM and SRS represent being dbl-short the respective indices)

Futures Accounts: Short 20% SPX Jun, ave = 912.75; Short 40% Jun Euro FX futures at 1.3585

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