Another fun day on the street, with the indexes barely making it in the green. Short sellers sat back til 1030a then began attacking, leaving no buyers in sight.The portfolio ended up $98 for the day, with gains in AXP,TXN, X, and the FAS sale. KIM is a pain in my side but I still think its possible for a short squeeze if we get a few more up days.
The nasdaq is doing well, so ill do some homework to find some names to play. I bought TXN today.
I owe some puts on the spy but have no short position. I still think we can catch another 3-5% rally but we need buyers to fight the "short tests". My biggest position is still cash and I still don't want to short,just to be safe but if that changes
Ill post.
Have a good one
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RF-
ReplyDeleteMADE 48% ON FAS AND 15% ON THE SKF SHORT, GREATNESS!
BARRY
Making money, taking names. Love the blog RF.
ReplyDeleteThanks man, I appreciate it.
ReplyDeleteSold out of FAS at 4.01 in after hours trading - noticed shorts on SKF covering around 3:30. Hoped for a nice end of market rally, but got nothing. Now FAS down to 3.97 - basically bet the market would sustain some sort of rally today, and FAS would test $5. Didn't happen - and now I am done with financials for the near term. Want to see a volatile chart - check out FAS and FAZ (Inverse of FAS).
ReplyDeleteBe careful on trading FAS in short term - looks like shorts are getting back in control. Still a great ETF to keep in back pocket for next financial rally!
RF is making it happen - great trades today bro!
I just read the "Trading the Financials - Week of March 9, 2009" from the archive. Can we say DEAD ON!
ReplyDeleteGary -
ReplyDeleteEverybody gets lucky sometimes, thanks for the comment.
rf