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SharePlanner (< 20)

The Bulls Were After The Shorties Today



August 27, 2010 – Comments (2) | RELATED TICKERS: HSY , SSO

The Bulls were on a mission today - we opened up high, and then sold off on guidance being cut from Intel (INTC) and then what at first seemed to be a negative reaction to Bernanke speaking up at Jackson Hole, reversed course, again at 1037, and finished at 1064 on the day - a gain of 17 points in the positive on the S&P. The volume was strong, which isn't surprising considering the flurry of news out today. I did hedge my portfolio around lunch-time with a large position in SSO (S&P UltraLong) and sold it at the close. As a result, I was only down 0.14% on the day. I closed out my position in Hershey (HSY) - never really took off, and I wasn't too crazy about all the M&A talk going on with them and Nestle, so rather than hold it through Merger Monday, I just got rid of it.

Overall a very solid week for me and my short positions. I closed the week up over 2% despite the market being down less than 1% (today wiped out a lot of those losses on the S&P).

So get some rest, enjoy time with your family, and be ready for another Monday.

My Video Dedicated To The Bulls.

2 Comments – Post Your Own

#1) On August 27, 2010 at 4:40 PM, jason2713 (< 20) wrote:

This was the most bizzare rallies I've seen in a while.  The GDP number was horrible.  It may have been better than expected, but the bar was set so low a paraplegic could have jumped over it.

1.6% GDP is horrible, ~25% cut to the initial forcast.  That after all the other negative news piling up.

I sold my shorts when we went negative, I should have sat on my hands or looked for a few longs to nibble at.  But as we started going up, and stalled around +5, I figured the market again was looking weak.  So went short again.  

I gained nothing for the week, but lost my 8% gain on one of the most ridiculous rallies I've ever witnessed.  Oh well, live and learn.

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#2) On August 28, 2010 at 10:44 AM, SharePlanner (< 20) wrote:

Lot of people were pulling their hair out on Friday - don't be hard on yourself.

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