Friday, January 27, 2012

What a great week

I have been accumulating my miner positions since before Christmas, as I saw the life stir in them again, and last week I posted on miners to buy at certain price points, and then Bernanke spoke and the reaction was much stronger than I imagined.  Buy stops hit on shares I have been watching and I bought calls on GLD and SLV within a minute of the release (I closed them both, along with my MCP Calls today).

I also abandoned my SDS position as a dead trade.  The reaction was too strong, and although I do not have a buy signal on SPY, with all of the liquidity seen and unseen coming into the market from around the world, shorting is going to be a losing bet for me, so I will stay away from trading it.  I still believe we have a retracement coming but not sure how strong.  The one short I will take is puts on EDC on a sell signal, the price is high enough, and the moves strong enough to be profitable.

Where I sit now, I am back to nearly 100% long from 150%, Wednesday to Friday.  Most of it is in miners.  I am also trading long GOOG calls as a reaction trade from the selloff, and MA calls on a buy signal I have (above 350 close validates it and a 380 target area).  I am also in Halliburton again as a trade.

Below are three favorites I will be entering or adding to as appropriate.  Have a great weekend everybody.

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