My timing on REITs has been horrific the past year and a half; I will wipe away the egg on my face yet again and sell SL Green (SLG) on strength here. If the stock moves over $64 it could begin a new leg up but I want to use our +3% days (which now come every 4th or 5th session) to lighten up on losers. I have about a 0.5% exposure left over in which I am taking a 11% loss on. Which is better than the 16% loss I was staring at yesterday.
I am interested in how bullish many people have become today... at this point this bounce is no different than the two 3% moves we've had in the past 10 sessions. A print anywhere between 1040 and 1100 really means very little in my vision; we're just ping ponging in a big range. In retrospect perhaps one of these times we'll look back and say "that 3% move actually meant something" but no one can tell yet. Until we get over the 200 day moving average on the S&P 500 I see little to get excited about. That said, I see today easily ending at highs of the days as computers rush in to mark up the close.
I now have 9 outstanding limit short orders, each about 1.5 to 2.5% in exposure. I am hoping 4-5 hit if we get a Kool Aid rush tomorrow and get near 1100 on the S&P. If this is a new V shape bounce (of which I believe there is a 10% chance happening - i.e. unlikely) I will cover those as all entry points are very near resistance areas. But for now I still need many of these stocks to rally another 3-6%. As I wrote last week this market is not easy for the bears even thought we're in a downtrend as the multiple +3% days have dashed many a profit for those who do not take their gains immediately. Holding risk overnight long or short is a pure gamble nowadays as each day ignores the previous. The market's attention span gets shorter and shorter, it used to be that of a 7 year old... now it's closer to a 3 year old.
No position
x
Thursday, June 10, 2010
Bookkeeping: Closing SL Green Realty (SLG)
Posted by
Mark
at
3:20 PM
Bookkeeping: Closing SL Green Realty (SLG)
2010-06-10T15:20:00-04:00
Mark
SL Green Realty|
| Edit This Post |
Create A New Post
Labels: SL Green Realty
Bookkeeping: Closing SL Green Realty (SLG)
2010-06-10T15:20:00-04:00
Mark
SL Green Realty|
Best Of FMMF
- Blogroll
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows
