Friday, June 18, 2010

Bookkeeping: Reshort of Celanese (CE)

Looks like everyone went to go watch the World Cup* matches and decided not to come back... very slow out there.

*We were robbed!

Celanese (CE) - a short I covered yesterday for a quick 5% gain has rebounded nicely from where I covered in the $27.50s.  I offered yesterday if it bounced I'd throw the exact same trade on... I did not expect it to be that fast.  I was looking for $28.90 as my limit order but $28.73 is close enough so I am going to put the short back on to help square the books ahead of the weekend as we look forward to "Almost Always Up" Mondays. I'll make this second round a bit bigger, at a 2.25% allocation.  As I did with my original short of the stock early this week, I'll place a stop loss above the 50 and 200 day moving averages - about 55 cents higher which will maximize any loss at 2%.  Hopefully we can get lucky twice.

As for the markets, the action continues to be good ... probably due for some pullback you would think after this big run off the bottom but the history of rallies the past 15 months has been once they start, they are relentless.

Short Celanese in fund; no personal position


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