dexion10 (29.68)

SHORTING AT THE CLOSE:

November 14, 2008 – Comments (1) | RELATED TICKERS: EEV , FXP , RYL

As the market went positive on the day I decided Re-establish many of my shorts. I focused on emerging markets and re-shorted 1/3 of my original Ryland Homes short.

I'm buying enough emerging market ultra shorts to be happy if the market sells off on monday (ignore the open).... but I'm saving enough cash so that I can short a beastly rally later if need be.

I hate emerging markets and china... we've done too much damage to fix it in a weekend.

FXP is double bottoming today... although the chart is looking a bit broken (ultra shorts are scary things)... regardless this is where I nibble on it... I sold 50% of my 3x legvered long ETFs at the open and most of my stock...

buys for the day were

JBX - jack in the box... domestic restuarants with a drive-thru are good I think... earnings could kill JBX next week so I just nibbled.

EUM - short emerging markets - there is real Forex and default risk all over eastern Europe.. .and counter-party risk

FXP - short china - low margin chinese industry will lose the E in PE... let's see how much the pundits love them then