Out of moly again

Sold mcp at 28.7$ this am. Looks like a solid sale point. May re-enter from the long side depending on mkt conditions


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Moly, Transocean

Sold MCP @ 28.21 (30% gain) on Monday. Bought it back at 26.25. Huge, beautiful bullish reversal today with a long tail on heavy volume.

Bought back by RIG call late last week for a nice 30% profit. RIG is beginning to look overbought but I think oil is starting to break out and RIG may exceed 70 in the near term.

Repulsed

Gold was repulsed (temporarily and not violently) from $1300. The miners have sold off worse than gold itself. This is a good entry point for additional miner shares. In other news -- the s&p Is amazing and I will be covering all my shorts probably Monday when we hit 1155


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Backing up the truck short

Bought 1000 more sds at 29.9
Will sell all 2000 sds at 28 if we break out here

The FOMC meeting marks the top


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Rotating out of auy to gdx

Sold 1000 auy @ 11 (7% gain)
Bought 200 gdx @ 55.6


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Market Topping Now

Market divergence continues. Money flow loss leader for the past two days running has been SPY, indicating distribution.

Increasing FX volatility due to Japanese Central Bank intervention is also causing wild swings in the currency markets.

OPEX Thursday should be down substantially (1%+) and OPEX Friday should be flat to down if history is any guide.

The ST top is in, as is the Intermediate and long term.

RIG and MCP

Wrote a 60 October covered call on RIG at $60 for $3.1 as it looks very toppy. Bought MCP at $22 last week.


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