More position updates

Wow, I've been slack.

Bought DD @ $41 and $37, cost basis then $39.
Bought XOM for $67.
Bought KO for $54.

Position Updates

This has been a long time coming:

Sold half of my BP for a 40% loss.
Wrote a BP $20 July Put for $98.
Got assigned on my RIG at $65. You know where that is now.
Sold 200 AUY at $11 yesterday.

Covered all shorts again

Sold all SDS @ $35.3 for just marginal hedging gains; less than 1%.

Missed the boat by not selling yesterday morning for a 5% gain.

Pile it on

I'm putting my money where my mouth is. I'm piling on another 100 sds. This grizzly smells blood in the stream from an injured bull. Bought at 35.8 with a stop at 34.8.

Oh and Gold to new closing highs today!


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More destruction ahead

We closed today below major support in all major FX crosses --euroyen, eurodollar, Aussiedollar -- and this portends further weakness in the equity markets as the new deleveraging cycle accelerates. Capital flight is occurring in the European market which is driving FX markets which is in turn driving the dollar which in turn is driving US stocks (along with energy uncertainty from the BP spill) lower... In turn driving gold higher? Got that?

I expect more of the same the rest of this month and quite frankly the rest of this year. Short term setup on the s&p puts us at 1014. We will likely get there next week.

Be safe and get hedged If you are long -- it's about to get ugly.


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Beep Beep Beep

Backing up the truck.... bought 300 more UltraShort S&P 500 SDS @ 34.7 with a stop @ $34.

Total position: 500 SDS, or roughly $17,500 short with 2X leverage $35K short.

Reshort at resistance

Bought 200 SDS @ $34.30