To: Ed Ajootian who wrote (142413 ) 12/8/2010 1:13:01 PM From: profile_14 Respond to Yes. I am running my account in a partially hedged format by being long energy and VLO and short CRM, EWH, BIDU, NBR, CLR, INTU, etc. Gross exposure at 170% +/-. SMA helps avoid paying interest given cash proceeeds on shorts. Non marginalble accounts were cashed out of EOG at the open yesterday (the largest holding by far). They are up over 60% for the year. I believe EOG will cycle in its trading range. Overall I am up 25% YTD through yesterday on all accounts on a weighted average basis. I am picking up some muni CEF at discounts to NAV today because I think the 100 bps ramp on the 10-yr has largely run its course, taking these CEFs down with it, and now for tax loss selling. Historically they typically jump early in the year. If they don't, the yield is still very nice until they do. Although the CEFs are levered 37%, they pay handsomely with more liquidity than the END bonds. I own BKN, BTA, and PPT (not tax free). They have essentially given up a year's worth of gains in recent days. I am also buying more MAY 145 strike puts on CRM, the joke of the year IMO. Bought 4 today to the others I already own (2 at 6.80 and 2 at 7.15). The issues there IMO surround the aggressive accounting and capitalized software expenses, not to mention valuation and competition. I believe they are burying SG&A on the balance sheet. Seems clear to me by the figures. Not to mention the valuation. Today they did a small acquisition but used it as an opportunity to warn (cut 12-13 cents from next year) and the stock goes up? This should be a 30 p/e stock. Also bought a little DO and BAC today, and took my losses on DUG and FRMSF on the silver drop. How to turn a winner into a loser (FRMSF long and then enter short for the reverse trade).
