Thursday, July 17, 2008

Rotation Baby

They don't want commodities anymore. Hard ones, soft ones or any other one you can think off. Oddly, I didn't participate in the continued rally in the financials as I was so caught up being short the commodity sector. If I have more than three stocks on my screen I just can't focus. I did sell my overnight long on UYG on the gap up and I went long a little BAC and WB with profits, but it was all about commodities becoming unhinged for me. When the nat. gas # came out I went short and stayed short. When I noticed weakness in coal and steel I teed up a bunch of XME short and stayed there for what seemed like a lifetime. It was a staircase strait down and it was the best short I had all year. I also threw in some JRCC short for good measure. I also blasted XLE and OIH. I had IPP and MOS short. Too bad I ran out of money. It's rare when I press hard on position/positions, because I'm always looking over my shoulder, but I had it right and went all in short. I would have stayed overnight but they were catching bounces the last half hour. I have to run but I have some good ideas for tomorrow. Back soon.

PS. GOOG down $40 in after hours


About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.