Thursday, June 24, 2010

Bookkeeping: Covering Hartford Financial Services (HIG) Short

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I am covering my last individual short position Hartford Financial Services (HIG) for a 4% gain.  I've replaced it with a small short of the indexes via TNA (less than 2%) but I want to be shorting either right below 1100 or below 1070.  In between those ares is a vast area of 30 S&P points that means little to me.  I will look for new individual names to short if we can get any sort of bounce here - net, net of all the individual names I shorted (about 8) I probably only came out with a small gain due to the Monday morning mess, so a lot of work for nothing. :)  Theoretically other than Discover Financial and Ryanair they all would have worked in time - but theory is only good for academic papers.


At this point I'd actually like to see a bounce into S&P 1100 to remount the short side of the book.  Or a move below 1070 which would give me more confidence we are headed to the 1040s in time.

Short TNA in fund; no personal position

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