Time for another reality reminder: after declining over six weeks, from a peak of 155 to 105, Schwab's market cap is still set about equal to General Motors and about 25% higher than Texaco. In its own field, it is about 30% higher than either Merrlill Lynch or Goldman Sachs.
As of Friday's close, my brokerage trading account is up 25% for the year, despite taking a 25% loss in a Prudent Bear Fund position and closing out a SPY short at a 30% loss. By far the largest position in the account is now shorted XLK. Also about 50% in LEAP puts in SCH, AMZN, YHOO, AOL, and DELL. Profits taken on LEAPS in PVN, AMZN, YHOO, MU, LU, and INTC have covered the losses more than twice over. The only longs in the account are a couple of highly speculative oils, which amount to about 6% of the value. I am presently about 40% in cash (including margin against the short position). I remain almost totally loaded for bear.
|
