Tuesday, November 11, 2008

Bookkeeping: Trying CME Group (CME) for a Trade

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Since there is no investing out there - we're sticking to our game plan of high cash, hedged long vs short and then trying some trades to make a buck or two along the way. We'll try CME Group (CME) as it appears to have a nice double bottom formed @ $225. We're buying around $240 and trying for upside to $280-$295 which would get us a return in the mid teens. So we're taking it up from a 0.1% stake to 3.0% with intent of nothing more than a trade - we're reduced to scalping trades like this - a beggar looking for bread crumbs. As we've said repeatedly we are focusing more on indexes than individual names due to the random casino like action.

EDIT 2:50 PM: Forget it. Not worth the trouble - back to a 0.1% stake. The market is obscene in how it moves 2% in 20 minute increments. Out at $238. That was our trade for the week. We'll try again next week ;)

Long CME Group in fund and personal account


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