What In The World, I am Net Long?: October 9th, 2008

October 9, 2008 – 11:46 am

You heard me right net long. Has he lost his mind? Maybe but I have gone long for 3 reasons:

1) 6 straight days of losses. I mean are you kidding? There is no way this can keep up.

2) Long equity positions I purchased are hitting nice support levels.

3) I can’t make a lot, but I sure as hell can’t lose a lot either.

Keep in mind here folks that I am net long EQUITIES, not CALL options. I only have 4 naked put positions in my portfolio, Gilead (GILD), Mastercard (MA), Monsanto (MON) and Lockheed Martin (LMT). I ended up cutting my Mastercard put position by half today to reduce risk. A fifth of my portfolio was invested in the November 100 puts but my better side got to me and decided it was not worth the risk. Now on to the charts.

International Business Machined (IBM)

Nike (NKE)

Apple (AAPL)

General Electric (GE)

Thanks for reading

-Justin Moon, Senior writer for Marketchasers.com

  1. One Response to “What In The World, I am Net Long?: October 9th, 2008”

  2. :) thought i was crazy as well ,, capitulation is very close maybe tomorrow or monday 1000 point rally coming like a stampede those caught short will lose there hair ,, i covered my short positions just before the close and took massive profits on my SDS position

    By john on Oct 9, 2008

Post a Comment

Copyright © 2008 David Tulig | Subscribe