Some Watchlist Names

Updates and Shorts

Wild

I've been called a stubborn Irishman before but this is ridiculous. I wasn't long anything today as we rallied up over 300 pts. I was just hanging around with KOL,DRYS,GNK and MOS. The path of least resistance was undoubtedly up but my homework had me getting short those groups. I did ok, nothing dramatic but didn't lose. It was tough to get long because we gapped up, then traded sideways and then it paused a bit after Bernanke, and then took off. My shorts were looking great and if not for the turn, probably would have done better. PCLN posted here as a short last month, was down about 15 points in the after market on their eps report. It's trading around $97 in the after market. Check it out. Not a bad call. Wish I had some. There were some pretty nice ranges on the names I traded, but I had to be very light on my feet, and I traded a bunch of volume today.

Anybody take the lovely UAUA posted this morning?

Lightened Up

I took advantage at points in time to lighten up where I could today. Hate fighting that tape. To say I wasn't a worried about the action would be a lie. The last time I said I wasn't worried I was short Lockheed and it got taken over. I always worry, I have to. I did real well on my stock shorts, but my $NDX puts screwed me up. I shorted the snot out of GNK today and that helped a lot. I also got long LEH on the squeeze and did well there.I still have half my exposure on and don't think the trend has changed based on today. It really is all about oil though, and we will have to see if the G8 boys can stir the pot. I personally think it's a lot of chatter at this point. I'm off to an early dinner with the wife, kids and outlaws-uh, I mean in-laws. I'll be back later with some details.

GNK

GNK was one of my best shorts last Dec/Jan. I like it again.

GNK

A short covering bounce in my opinion and should yield lower prices in the days and weeks ahead

DRYS ,EXM,GNK - More Downside Ahead?

These are the names I have been playing from the short side with great success of late. On Thursday the Baltic Dry Shipping Index, a key indicator of shipping rates, fell its most for a single day since 1989. It fell 4.6% or 384 points. The index has now fallen 28% since it peaked in November. This not only indicates the weakness in our economy but could be telegraphing strong weakness globally. It also flags the possibility of a downturn in commodity prices. I don't know if this is a baked in statistic or not and these stocks do seem oversold, but stocks can stay oversold for longer periods. GNK and EXM rallied Friday but closed near there lows for the day. DRYS was on its way to the lows, so I'll be watching this group again this week.