Friday, March 20, 2009

Bookkeeping: Starting to Rebuild 2 Run n Gun Stocks: Excel Maritime (EXM) and Lennar (LEN)

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Lennar (LEN) and Excel Maritime (EXM) are my 2 high beta trading stocks - we ditched the last batch of Lennar in the $9.50s just 48 hours ago on Uncle Ben's short squeeze and today its back down to $8.00 so we are getting at least that batch back. If it falls to $6s again, we'll load up in large scale and start the train over.

Remember when global reinflation was all the rage? Way back... yesterday? No thesis lasts long in this market - Excel Maritime (EXM) is getting spanked today - I had already sold out almost the entire position so I did not catch yesterday's "reinflation" spike to $5+ but I am beginning to rebuild this in the $3.80s. $3.50 seems like a pretty good floor here...

Only about 0.8% allocations into each ... no real rush. They are very volailte and if they pop 10% Monday I'll probably exit right back out in this casino of nonsense we now live in.

As for the market overall, pathetically with all the juice thrown at it by central bank and government we are already breaking back down. Until we break through S&P 741 I will give the bulls the benefit of the doubt and say we remain in a wide trading range of 741 to 780 and then 780 to 804. The latter range broke today, as we tried to hold 780 all morning but finally bulls were over run. If/when SP 741 breaks we'll become aggressive bears but until then we'll play the swings.

This market is extremely tiring.

Long Lennar, Excel Maritime in fund; long Excel Maritime in personal account

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