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.