Unfortunately this week was not a fun one since the Monday morning spike over S&P 1120 stopped out most of my individual short holdings - hours before the market began a retreat of some 40 S&P points. Talk about a classic headfake.
One of the two remaining short positions that did not get blown out is Energizer Holdings (ENR). I am going to use this morning's selloff to cover the position in the mid $53s, and take my 4% gain. If the stock can get back to the $56s I'll restart a new short.
A lot of people smarter than I are saying S&P 1080 is a good support level to bounce off of in the near term. I don't see it (I've been favoring 1070) but if the herd believes it, it can self reinforce.
Thursday, June 24, 2010
Bookkeeping: Covering Energizer Holdings (ENR)
Best Of FMMF
- 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