Despite a gosh awful chart we actually made $1500 on Sterlite due to harvesting profits on earlier runs (have I mentioned this is not a buy and hold market?) So we'll close out the last 1% here at $15.00. We've held this position since Oct 15, 2007.
[Apr 29: Sterlite Industries Reported this Weekend]I also closed out the last tiny piece of DryShips (DRYS) - just 25 shares. I sold the majority of it last week so this is simply a cleansing of the portfolio of some crumbs at the bottom. Essentially the same reasons I outlined above.
Again, I need to stress I am not making "bearish" calls on either of these names, nor the Indian banks last week - this is simply a rudderless market with a lot of random action and does not play to my strength. So these moves are characterized more as "portfolio management" than "stock specific" issues. Until we see any sustainable trends emerge that last for more than a week or two, it is not our wheelhouse and raising cash is a viable option. Most of the things "working" right now are not ideas I see lasting for more than a few weeks, so without 180 degree portfolio flip now, and then repeating that 100% flip back in reverse in 2-3 weeks, we'll just raise some cash until things become more clear.No positions
9 comments:
Indian market was up almost 6% yesterday. The government got the confidence of vote from its members(sounds silly..right).It happens in India.A short background story.
The US wants India to accept the nuclear deal. The Indian Prime Minister said yes. But the present government is a conglomerate of 20-30 parties. those parties threatened to withdraw the support if Prime minister accepts the nuclear deal. But somehow..the government got the confidence of vote and India just escaped "re elections".
market cheered..and rallied.
Hey Mark,
DRYS looks like finding support (200 ema) here...
I don't see that. I see 200 day over it, in the low $80s.
On the positive front it is not selling off, just standing still.
Again I am not making a call on DRYS or SLT
I am just moving the portfolio around to reduce risk exposure and those were 2 smaller names to cull.
"without 180 degree portfolio flip"...
I switch from UYG to SKF today. Hope not too early.
DRYS is breaking out (UP) of a symmetrical triangle. Been watching for an entry point and found it today.
SKF held its 200d (sma), T.M. uses exponential moving averages maybe thats the difference, it doent matter what u use IMO as long as you do it consistently. Have been averaging in to SKF since yesterday. out at a close below the 200dma.
QID, held its 200 and UYG bounced down off of its 50 and if you long oil and gas UNG finally made a low yesterday of 46.46, DUG second attempt at its 200 couldnt breach even with its good volume today.
I have been getting killed as I was caught too negative on the econ and too bullish on everything Mark has.
Good Luck everyone
"too bullish on everything Mark has."
hey easy now - I have some awesome homebuilders, some Goldman, some Illumina - should of loaded up on those ! Thats the new bull market. FSYS has been rolling as well.
The economy is not the stock market. I type that just about every month. The economy doesnt have to change for the market to post a rally or post a drop off. Nothing changed in the economy between May 31st and June 1 when the market began to rollover.
Its just about how much Kool Aid is being served each day, week or month.
The background of the economy did not change a week and a half ago. Just the market direction.
Not a knock on you Mark, I have commodity related since 2003, I bought Freport mac and PCU SCHN and STLD and Nova american during the homebuilder and early china india boom, I had global santafe NOV in 2006 and grant priedco to name a few. For the record, my portfolio is not influenced by this site, I just like your blog not because of the stock picks but by the way you think. :)
DUG and UYG Making a run for the second time today at the intraday high, a close above that I have to rethink my strategy, which is realy , realy hard after the comfort level I have fallen in love with. In these names. I am also afraid that all the bad news in the earnings is already known and market is looking forward. I can't focus on the "outlook" and the forecasts, sectors go up and down we can reason as to the why?, after the dust clears.
Once again
Same pattern as Jan and Mar and in fact Aug 07
We are told this is the kitchen sink quarter, all the junk is declared, its upside from here. Everyone believes it. Sometimes for weeks, sometimes for months. Until it is disproved. Then the stocks fall off a cliff.
You just have to guess which time they make these promises its the truth. Anyone who bought the last 4 rounds of promises was dismantled within 5-7 weeks in each iteration.
Eventually they will be correct that indeed it is the bottom. What changed since 2 weeks ago other than the removal of naked short selling and the promise of fed govt to bail out debt holders of FNM and FRE
Not much to me. For everyone else maybe the world changed. Thats what makes a market.
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