Stock Trade Updates: Closed GS And PNC Positions

Posted by admin

March 30, 2009

I closed Goldman Sachs (GS) puts for a small loss in smaller portfolio and PNC Financial (PNC) puts for a small gain in larger portfolio.

Closed 3 GS July 80 puts @ $8.60 (bought @ 9.73 avg) for a loss of 1.13 points.
Closed 20 PNC May 30 puts @ $6.10 (bought @ 3.6) for a gain of 2.50 points.

I’m still holding (FAZ), (FSLR), (AMZN) and (WFC) puts. I think the market is in no-man’s land and 770-750 area on $SPX will be key in terms of who takes control of the market. I have a feeling that the market might bounce from that 770-750 area which happens to offer some support for the bulls. If it can’t hold it there, expect some more selling to come. If it bounces, I might go long some commodity names like GOLD MINERS, AGS, STEELS and the likes.

On the other hand, if you look at the today volume on (WFC) April 11 puts, it paints a complete opposite picture. And if recent history is some guide, I think someone somewhere is smelling some blood in financials. Only time will tell in the coming days…

For now, I’m going to hold onto my (WFC) puts and (FAZ) shorts. I might have to close (AMZN) and (FSLR) for a loss if they can’t get their act together. Based on the weakness in the market in coming days, I might even add some more (WFC) puts around 13-14 zone.

Smaller portfolio has been stagnant in terms of gains/loss despite of some trades in the last month or so while larger portfolio is showing some deep red sea.

I don’t think we’re out of woods yet but we might get a trade-able rally if the govt. keeps propping up the market with funny money. Keep a watch on commodity space….

Hope you’re keeping good in this maniac market conditions…