Friday, March 12, 2010

Updated Position (market-neutral)

I've held onto a market-neutral stance, more or less for several days, which for such a week has been a clear mistake.

Better than a short-only stick in the eye at least.

This week laggards were storming higher, especially in terms of relative strength, and my individual shorts (being of the laggard variety) have thus cost more than longs have risen. Certain ULTA's and other highlights have kept me off suicide watch, but this week (and last) have taught me you're never too old to get out of tune and discipline commands continuous effort.

All of this is exhausting (the losing part), which is much of why I've kept quiet on this page. The other reason is that I am (still!) mixed on the outlook, and not overly interested to comment.

Total Position: ~1.05-to-1 net-long, 96% invested

Currently Long (according to size): SBUX (8%); TGT (8%); BEAV (7.7%); MGA (6%); ULTA (5.4%); SIRO (5.4%); AVGO (4.5%); CISG (3.4%)

Currently Short: TWM-long (Russell 2k Dbl-short, 9.5%); MS (6.9%); GOOG (6.2%); DB (5.8%); EPV-long (European Index Dbl-short, 5.7%); DST (4.4%)

Pairs: Long 5.2% long Toyota (TM), from 76.90 + Short 5.2% Ford (F), from 13.09

Futures Accounts: Mar Russell2k - now flat; this wk added 10% at 676.90, covered 10% at 669.60 and covered remaining 10%, 672.10; Remain 20% short Mar NDX, from 1795.00

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