Wednesday, January 13, 2010

Quicknote on Position


Briefly - the general market caught a bid again today, but leadership remains weak; especially on a relative basis.

In particular, Chinese growth names listed in the US are behaving poorly (especially notable considering today's re-weakening Dollar). I've been blowing out of these (all week...I'm down to only CISG and MR now), but I've replaced them with larger positions of more cyclical US names (SWN and NEU); for the time being.

I'm looking to keep more or less market-neutral until we improve more clearly - or I'll position more short once we begin to trend on the downside. The latter is more likely, I suspect, but I won't be short in the month of January without downtrend; regardless of my smiley-faced suspicions.

Total Position: roughly market-neutral; 48% invested; pure longs = 28%

Currently Long (according to size): SWN (reloaded today, 8.5%); NEU (reloaded today, 6.8%); CML (5.2%); CISG (4.1%); MR (3.3%)

Currently Short (all added on Tuesday): TWM-long (Russell 2k Dbl-short, 11%); INTC (5.5%); SSG-long (Semiconductor Dbl-short, 3.5%)

Futures Accounts: Short 20% Mar NDX (from 1875.125 ave); Short 10% Mar R2k (from 638.80); (covered 20% short Mar BR Pound last night, 1.6172)

See the Twittspitt for details

No comments: