Just thought I would drop by. I sold my long position in amkr (I decided not to do covered calls since I used it as a trade.) I did make some nice profit on it as I bought it at 9 11/16 and sold above 11. Wish I would have held one more day and got 12. Also, I bought some cube monday morning for 20.25 and sold yesterday for 21.25. Not much profit there, but I am now bearish again and very much so. In fact, I think we may see a correction of a larger magnitude than the lows of october. Unless you have been in the right sectors, this bull run has been very narrow and the advance decline line supports this. And now some of the leaders are starting to fail. And we all know what that means.
I am currently short lcos and had a covered put until yesterday when I bought it back. Another nice move since the stock price has fallen back again and I can now sell another put. I think it will drop lower though.
I am still looking at them oil stocks. I want to trade them in my IRA, but am in process of opening my account at my broker and transferring my mutual funds. I did not realize I could do covered calls there until recently. I use regal securities.
Now for a few picks. I am still bearish on lhsg (posted a few weeks ago when it was at 57, now 44). I will post tickers for now since I am tired. rmbs, tklc, amzn (risky), lcos, f, anf, aeos, lu, bebe,cdwc, cree, pixr, and some others.
One which I may go long is cs. it is beaten down and looks good for the wins program. I am also looking to go long gne, but with options and plan to straddle it. Ivx looks ok.
This market is quite brutal. Look at tecd someone posted earlier. ouch. Turned into a value play in a few hours..
The ones in the oil industry which I think will be aquired or do the aquiring are esv, vrc, mrl, glm. These all have low debt and low price to sales ratios and have some cash on the side. At present, some of them are trading below the value of their assets. Much like the semi industry about a year ago.
Sorry for the long post. Just adding my 2 cents though. Good luck and look at hedging with some bear traps and /or some covered puts especially if this is a correction. |
