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
Thursday, June 24, 2010
Bookkeeping: Covering Hartford Financial Services (HIG) Short
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