Now All My Positions Fit On One Screen
Tim Knight | Apr 19, 2013 05:14PM ET
Well, I’ve trimmed my positions back to a paltry 54, and I’m only 57% committed with no large shorts at all except for the Euro ETF (FXE) (entered earlier today). I have 33 winners and 21 losers at the moment, and overall my current positions are in the green. I had peaked at about 105% commitment earlier this week with 90 positions. Now all my positions fit on a screen without the need to scroll.
I came into the day long a variety of precious metals items (Barrick Gold (ABX), Goldcorp (GG), the Silver ETF (SLV)) and dumped them at a profit right at the open. My big winner today was my IBM short, and my stinkers were my Japanese yen ETF (FXY) long and my Chipotle Mexican Grill (CMG) short. As of this writing, I am down 0.80% on the day versus the market up 0.88%, so it’s not too terrible.
Many, many charts I am looking at have the potential for a bounce higher, particularly those in the high-tech sector. My call for a bottom for AAPL at $390 was – ahem, if I may say so – spot-on, with the final bit of selling happening at the open and a bounce higher since then. It’s completely possible that they have a big bounce after their earnings are announced Tuesday afternoon.
My roadmap for the Russell 2000 is shown below; I plan to return back to carefully-selected individual shorts on a case by case basis.
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