Tuesday, September 01, 2009
Quicknote (hedged some - eyeing otherwise)
The good news - 450 CNBC shouts and counting, that the market correction is under way. Logic dictates downside legs will be limited; we'll see.
The bad news - a rather ugly reversal on good news (again, but worse this time + strong, rising volume), a strengthening dollar (and lower commodity prices), exploding volatility and a perceptible downtrend now in the indices.
While I got whipped a bit today, I am excited that I can now start scaling into newer leadership (ex: SWM) on a slice downward. Not rushing in just yet; but perhaps a little more at the close, depending.
And I've taken on a decent amount now of SRS (Commercial Real Estate Ultrashort), to afford the undertaking.
In a nutshell, still rather lean overall at the moment, but happy to see everyone clearing out when the market has only corrected a few percent.
Total Position: plays roughly 2-to-1 net-long (considering levered SRS); 42% invested
Currently Long (according to size): CTSH (7.4%), RJI (6.3%), CYOU (5.1%), CORE (5.1%), SWM (5%), MRVL (4.4%)
Currently Short (according to size): SRS-long (US Real Est. Dbl-short; (8.2% position)
(Note: inverse-ETF SRS represents being dbl-short the respective index)
Futures Accounts: no position