In this environment I don’t feel comfortable holding positions overnight. I just booked massive profits in my short plays (highlighted on post below), and also booked profits in a few [[IPI]] calls. I am strictly in day trader mode.
Today was a monster day for The Cajun, courtesy of [[PCLN]] & [[IPI]]
Note: Still have my full position short [[CHL]] If you enjoy the content at iBankCoin, please follow us on Twitter
we gots a 1/2 hour before close, lets get in a quickie or two
Nice. I’m still holding CHL short also. Fly thinks $50s, short term I just want it to break $67.
A part of me wants to load my cash into Ags/fertilizers, steel, and on the short side shipping and solar, but I feel it is more prudent to be patient and let this rotation play out a little more and get in when the market figures things out.
So, I have a significant amount of cash available, but I am in a few names FSLR and GNK puts, TRA(just bought in the last 20 mins) and IPI longs (took between 1/2 and 2/3rds off since purchase).
I’m not in steel names right now, and Energy is a bit of a wildcard where an argument can be made on both sides, but I am short VLO, although I also took 1/4th of off the table today.
Of course regional banks, and finaicials are still great shorts, but I did a lot of profit taking in that area as well today.
RS just busting sebenty.
You pulled the trig on PCLN, eh? Sweet. It was my only winner today.
How about shorting some shopping mall REIT’s?
With the consumer dying from high gas prices and lack of the home equity ATM machine, I would expect mall traffic and spending to drop like a stone as the summer gets going causing bankruptcies of retailers to accelerate.
http://www.orlandosentinel.com/business/orl-cover0908jun09,0,5952274.story
The closest ETF is RTL (iShares FTSE NAREIT Retail Index Fund) which was down 4.33% today but it trades in very low volume so not a viable trading vehicle.
Here’s a nice list of REIT short candidates to consider…sorted by market cap:
SPG
GGP
KIM
MAC
DDR
FRT
REG
TCO
WRI
O
EQY
CBL
NNN
SKT
IRC
PEI
BFS
AKR
CDR
GRT
UBP
RPT
KRG
ADC
AMY
I wish someone would start shorting the mall REITs, as I would like to load up on CBL sub-20. Very well run company. Best CFO in the bidness, imho.
O is having problems with its portfolio
7% is these 10k sq foot diners off the beaten path in the midwst no less that are going bk
occupancy rates falling, lowest tenancy in….years.
I think something like 94% right naw.
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hey rc, u got any thoughts on gold?
i went long some otm calls in GLD and i like the patterns in the gold miners like ABX, NEM. expecting them to break out soon.
AEM is my favorite
Check out HURC. Getting ready to break down for an 8 – 10% drop.
RETAIL REITS – Revisiting my post from June 9, its now almost one month later. So what happened?
SPG -8.66%
GGP -13.14%
KIM -10.5%
CBL -11.27%
Hey, jakegint, you can buy your CBL now, its at about its 52-wk lows at $21. My bet…these all fall another 10% or more.