Friday, October 08, 2010

Updated Position (bellwether to ring)

The Dow made 11,000 today, commodities surged higher, volatility laid to 5-month lows and AAPL moved to within spitting distance of $300 (2% to go now; 294/shr).

Apple at 300 will be far more interesting than this thousandth visit of Dow 11k. Watch the market action the day AAPL tests the mark. I suspect it will mark an important inflection (whether the response is positive or negative).

I've traded a lot this last week. Traded myself out of a hole for one thing. And the sight of so many dead bodies from Wednesday's momentum rout has not left my thoughts (I'm very impressionable that way). Still, I won't fight a stampede if the market can steam-spray momo blood out of the way and carry on with the parade.

Let's see how the market digests a $300 apple. I'll look to increase net-long exposure again after AAPL survives the milestone. In the meantime, I'm closer to neutral, driving with both feet.

Follow Centrifugal to fade trades in real time

Total Position: Currently 1.51-to-1 net-long, 71% invested

Currently Long (according to size): LTD (8.2%);
CRM (7.5%); EWS-Singapore (5.8%); CTXS (reloaded today, 5.6%); VPHM (5.3%); CXO (5.2%); ULTA (5.1%)

Currently Short: CVS (added today, 7.9%); DISH (7.3%); CRUS (re-loaded today, 7%); ZMH (added today, 6%); GMCR (covered today for now)

Futures: no current position

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