Yesterday I was long SMN ( double short basic materials) and took a 7% trade. I sold about 75% but I am carrying the balance. I will probably add today. I posted on twitter yesterday that this was one to watch indeed as it traded as high as $107 on Friday. If they take this group to the low post again this one could do very well.
Also RTH (retail holders) I will be looking to add to on the short side. I've been short from $95 and covered a bunch . A couple of weeks ago I said I thought it would hit $60. My opinion hasn't changed in that regard.
Wednesday, October 15, 2008
Morning Thoughts
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About Me
- upsidetrader
- 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.
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