It was a great week, and I'm done. Bo, here are the keys. You have the con.
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I've taken profits on my CME and ICE puts (both over 100%). We might get a bit of a bounce next week, so I'm easing back on the bearish pedal.
Just a general point – – although I place trades every day, but favorite kinds of positions are those I can just let sit. These take patience, but as long as you keep your stops fresh, they can do well over time.
Take SGR, for instance. I shorted it below where the arrow is pointing. I have no trouble hanging on to this short position for as many months as it continues to wither away. As you can see, there is plenty of potential for this stock to sink to perhaps unthinkable levels.
About ten minutes ago, I took my profits on a big SRS position, a couple of big DUG positions – – – and I've gone long USO in a big, big way. It's been a good day so far; let's see if my luck continues to hold up.
After AIG made its executives multi-zillionaires and brought the world economy to its knees, it managed to extract hundreds of billions of dollars of your money as a reward. But charts don't lie – even if AIG management does – so the stock lost virtually all its value.
I say virtually. It got down to about $1.50, which was sort of embarrassing, I suppose, for the brilliant executives still there. So they decided to do what any inept company would do – a reverse split. (Competent companies tend to make a practice of growing their firm, increasing shareholder value, and doing "normal" splits.)
Even though the stock had been languishing at about $1.50 for a while, perhaps they thought doing a 1-for-20 reverse split would create a more credible-looking stock. Here's the affect it had:
Nicely played, AIG. You remain full of win.
I do not pretend that this happens often, but I have been riding the ETF waves – particularly with energy – pretty much flawlessly this week. Every energy call I've made has worked out well. I put on an irresponsibly large position in DUG yesterday, and I just closed it out for a great profit. I have DUG in two other accounts still (a smaller position in each), so it's not like I'm an energy bull again. I'm just taking partial profits.
My biggest dollar gainer in my 401-K is SRS, and I'm hanging on to it. If we can break above this little resistance level, it's off to the races.