Perhaps the "Doug Kass" bottom occured Friday.....the technicals still look rather weak but going into next week, there is a big Market to Market meeting on Thursday, so I think there is a good chance for a rally.
With that being said, I went long FAS @$2.60ish and am short SKF @$250ish. The financials are heavily shorted and the shorts will cover hard into this meeting. The FAS can double easily on good rumors, going into the meeting; however, I will thin my position into Wednesday's close or Thursday morning.
As for the Commerical Real Estate downfall, these REITs are still terrible and continued to get destroyed. I was short the IYR, long IYR puts, and long the SRS but currently have no position. Frankly, stocks like MAC, CBL, and DDR can bounce hard, if we get a bear market rally. I would recommend covering all REIT shorts because I feel we are due for a rally...
My current portfolio holdings:
CASH!
SKF(short)
FAS
UA
FXI
CY
TNA
YTD Return = + 58.13% (Pre-Tax and includes dividends)
Port. Volatility = 91%
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