Thursday, February 19, 2009

Scalped some lunch money

I did just what I said yesterday, took 500 DDM around mid-morning, scalped half of them when I saw it wasn't going to make 24.

Bid way down low on some gold and missed. It had a nice reversal yesterday.

So I come in slightly long today. It's hard to think of my portfolio as being either "long" or "short".

SLW reports today. Could be an opportunity if it has a miss. But the run in the PMs is looking a little long in the tooth to me - straight up from 750 to 950 is a helluva move, and you want to take some chips off, if only as a matter of good money management.

A piece of anecdotal evidence for the long side:

AAII today showed 21.64% bulls and 56.72% bears. The last time bullish percentage was this low was about a week before the July lows; prior to that, about a week before the March lows. The last time bearish percentage was here was - shocker - at the November low.

Jobless claims probably won't move the needle today.

Position here is cautiously long. In Toddo's nomenclature, 1 leg in the hoofy suit.

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