Thursday, February 19, 2009

Bookkeeping: Layering Out of Some of Tuesday's Additions

Let me say once more - I hate this market where you have to trade like a maniac. Changing positions around every 48 hours is a pathetic existence (no offense to full time daytraders) :) Just not for me, but we are forced to do it.

I am cutting back a good portion of many of these positions I jumped into on the selloff Tuesday [Feb 17: Layering in some Long Positions Here]

I'm most impressed with Potash (POT) and Mosaic (MOS) - both bounced nicely off support. BHP Billiton (BHP) not so much - cutting back as its right near support but fell through.

Keeping all my Ocwen Financial (OCN) but cut some First National Financial (FNF) after a super bounce. ($17 to $19.50!) Continue to think title insurance could be a sleeper hit for 2009. Hoping for a pullback to get back some FNF I just let go.

p.s. I continue to be amazed that no matter what amount of news out of the tech companies saying "BUSINESS STINKS" people keep running into NASDAQ stocks. Thesis baby. If this market turns in a new leg down I believe there could be some "catching up" to do on the downside for tech - speaking of which Dell (DELL) is one ugly chart... this is a very contrary view for everyone jumping into technology each day we rally. To be open minded, if the S&P breaks back north of 800 we'll have potential to get to 830 or 840 perhaps but we continue making lower highs on the indexes and we're just forestalling inevitable destinations in my mind.

Long all names mentioned in fund; long none in personal account

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