Wednesday, March 17, 2010

Updated Position (market-neutral zzzzz)

Taking a bit of a hit here today as lagging names continue to catch-up with leadership. I'm back to market neutral, following reloads short on JPM and FWLT short (speaking of laggards).

Half-full or full of half, you can make whatever case you like - or just refer to it as a melt-up like every TV-head on CNBC lately (CNBC parent GE melting higher must have some affect on the perceptions there, since I don't see anything that qualifies as a melt-up in the market; not to this point anyway).

What I don't like is that leaders are fairly stalled while problem children fan higher (look at XOM now as the latest poster child for catch-up flavor of the week).

You can make the money on those. I'll admit I should be out of this perhaps, since I've gamed myself sideways now for about 3-weeks while the market has caught up with me on the year. Either way I have to answer for under-performing lately and that is the major reason for why I keep it so quiet over here.

Don't do as I say and don't do what I do - especially if I'm not talking!

Keep alert with this action. When any half-wit can make a trading buck by throwing darts below the belt, standing near the exit is often smart. I wish I had consumed a little more of the punch lately, but that is the nature of this activity, being wrong on frequent occasions.

I won't get too down about a misfire here or there, even if I'm simmering silent.

Total Position: ~1.02-to-1 net-long, 102% invested

Currently Long (according to size): TGT (8%); BEAV (7.8%); MGA (6.1%); ULTA (5.5%); SIRO (5.4%); PVH (5.1%); AVGO (4.6%); NTGR (4.3%); CISG (3.4%)

Currently Short: TWM-long (Russell 2k Dbl-short, 9.2%); MS (6.9%); DB (6%); EPV-long (European Index Dbl-short, 5.6%); JPM (reloaded yest. close, 5.1%); DST (4.5%); FWLT (reloaded today, 4.5%)

Pairs: Long 5.4% long Toyota (TM), from 76.90 + Short 5.5% Ford (F), from 13.09

Futures Accounts: 10% Jun NDX short, from 1915.75

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