Thursday, June 26, 2008

Bookkeeping: Some Assorted Buys

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Still not seeing any capitulation in the generals but we are getting some nice selloffs in just about every other piece of the market. A few medium sized buys today and why - I'll use the edit and update this one post with any other buys today instead of creating new posts...
  1. Research in Motion (RIMM) in $124s - believe this should get to $120 but I had a 0.1% stake so taking it up to 0.4% (almost too small to mention this purchase) I'll add more increments around $120.
  2. DR Horton (DHI) in $11.90s - we sold this yesterday in the $13.30s so we got a 10.5% discount in 24 hours. Simply replacing (most of) what I sold yesterday. Back to 2.1% stake.
  3. Jacobs Engineering (JEC) - fallen to 200 day moving average of $83 and down from $91s last week. Back up to 1.0% of fund.
I want to add Cummins Engine (CMI) at $66 (almost there) - I'd like some more infrastructure names (Fluor? Foster Wheeler? McDermott?) if they sell off; I'd like more RIMM/Apple lower. Some alternative energy plays that simply refuse to sell off are also on the "wanted" list.

Doesn't look like the commodity plays will be selling off today so I don't see anything interesting there at this point. Not much else on my buy list today that is near targets I want to buy... DryShips (DRYS) perhaps.

Keep in mind when these dramatic selloffs reverse the action is fast and furious the other way as shorts scramble to cover but its still within a larger downtrend - so no need to try to constantly catch bottoms. But right now its a tale of 2 markets - one very narrow group of winners and a whole bunch of losers - this has been the story the entire month of June.

1 PM EDIT:
  1. Mastercard (MA) - added at $270 level; up to 1.0% of fund. Gap to be filled in $240s where I really want to add...
1 PM EDIT: Some generals being pointed in general direction of woodshed... not biting yet.

3-3:20 PM EDIT:
  1. Reversed part of today's Perfect World (PWRD) buy - as I proposed, nothing is really holding up in this sort of selling and the stock reversed itself below resistance after making a valiant effort to make a run. Will catch her the next time around.
  2. Bought some Goldman Sachs (GS) in the $175s - simply believe financial sellers will be exhausted first and rotation will continue if past patterns hold out. Stock hovering right below 50 day moving average and showing great strength for a "financial". Goldman up to 2.0% stake.
  3. Bought some Cummins Engine (CMI) in the $66s as stock fills a gap from mid June. Stock approaching 50 day moving average in $65s. We had this down to a placeholder position (0.1% of fund) so taking just a first bite at it, and pushing it up to 0.7%
Long all names mentioned in fund; long none in personal account


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