first a tiny position in LDK Solar (LDK) I carried over from the old portfolio (0.2% of the portfolio) and the chart simply reeks of death. It must be their subprime mortgage business. I don't like the solar space near term because of consolidation in the industry but I thought Obama would give them at least a lift somewhere along the way here. Nothing. Going to take a $100 loss and move on. I have not had good fortune with solar stocks for well over a year now...
I am covering Mobile Telesystems (MBT) - this trade was doomed by a very poor entry point, that I have no idea why I created as a limit order. As I wrote this Monday when I started the tradeI set this order a while back and had a $24.00 entry price - I could not give you a good reason why today; I would of preferred $26 so we'll see with this one. I have so many things on my watch list that I have open limit orders sitting out there to catch things since I cannot watch all the time; and this happened to be one - but the price is a head scratcher.
As I look at the chart today, it's right at resistance so it might be a good place to short but I am just disgusted with this trade due to my lazy entry point. I put some of these limit orders in weeks ago and I should of culled/edited some price points as this wacky market moves left, right and upside down. Since this was a short term "scalp" type of trade the entry point was THAT much more important so this trade never really had a chance barring a meltdown.
I covered some yesterday in the $24s, but am cutting some today north of $26 and suffering a 6%is loss overall. If my original entry was correctly placed at $26ish I'd of been flat at worst, if not having a small profit. Again, the irony is it could be a quite good short right where it's at this moment since it's pressed up against the 50 day moving average, but I'll start with a clean slate for next week since. The volatility in the name (+/- 8 to 10% almost each day I've held it) is also too much.Strangely despite oil doing nothing this week (yes its popping today but a blah week), people continue to love the Russia trade. Must be the whole BRIC thing.
I now sit with a very unbalanced book (too much long merchandise) as I search for some shorts to add....
p.s. Obama is going to announce his plans on how to save foreclosed homes Wednesday. See, as I said - they can string this along for months on end.... dribble a little news out week after week after week. Traders keep jumping for the one cheese that will make all their problems go away. Humans have not evolved very much...
No positions
