Mea Culpa
Real stupid cover in my $GS and $MS shorts.
Dumb squared.
Position: None
VIDEO: Micron’s $100B Deals, ‘Irrational Exuberance’ and the Market’s Next Move
We like the rash of bank dividend increases, but remain focus on the engine driving them.
Oil Falls to Pre-War Levels: 8 Key Items Shaping the Stock Market Thursday
Micron’s blowout earnings, May PCE, Bank dividend announcements, and other headlines are moving stocks this morning.
Things I Did Today
Here are today’s things:
* Covered 1/2 of my $SPCX short at $153.85.
* Covered brokerage shorts in $MS at $222.51 and $GS at $1,080.90.
* Covered tech shorts: $DRAM at $70.26, $SNDK at $2,051 and $MU at $1,099.
* Covered $IWM short at $293.33.
* Added to cannabis longs: $MSOS at $4.50, $GTBIF at $7.28, $TRLV at $8.55 and $VRNOD at $5.29.
Position: Long MSOS (L), GTBIF (S), TRLV (S), VRNOD (S); Short SPCX (VS)
Things I Did Today
Here are today’s things:
* Shorted $SPY at $749.07 and $QQQ at $743.67 — covered SPY at $744.80 and QQQ at $737.99.
* Added to $JOET short at $45.64 and $GRNY short at $27.63.
* Shorted a package of high-beta tech.
* Shorted more $MS at $227.32.
* Shorted more $IWM at $297.07.
* Added to longs $MSOS at $4.76, $MSOX at $3.00, $GTBIF at $7.55, $VRNOD at $5.55, $CURLD at $9.73 and $TRLV at $9.40.
Position: Long MSOS (L), MSOX (VS), GTBIF (S), VRNOD (S), CURLD (VS), TRLV (S); Short high-beta tech package, JOET (S), GRNY (M), MS (M), IWM (S)
MS Short Move
I added to MS ($MS) short at $227.31.
Position: Short MS S
Weekly Roundup: Peace Deal, Warsh Arrives, and the Portfolio Moves Ahead
We closed three positions, began a new one, and added to two others. Plus, we look ahead to the potentially most impactful earnings report next week.
The Reversal in Financials (Part Deux)
The “reversal” in financials continues:
* JPMorgan ($JPM) -$5.30 after being +$6. Wally Deemer confirmed to me a possible downside day if things stay the same
* Short Morgan Stanley ($MS) is about even on the day after being +$5 in the early going (added $228.47)
* Short Goldman Sachs ($GS) is +$4 after being +$26 (added at $1,119)
* American Express ($AXP) -$2 after being +$7
And so on and so forth…
Position: Short GS (VS), MS (VS)
Things I Did Today
Here are today’s things:
* Re-shorted $SPY at $746.68 and $QQQ at $736.53.
* Re-shorted $GRNY at $27.49 and JOET at $45.57.
* Added to cannabis longs: $MSOS ($4.69), $MSOX (new position) and GTBIF ($7.49).
* Shorted more $MS at $228.47.
Position: Long GTBIF (S), MSOS (VL), MSOX (VS); Short SPY (S), QQQ (S), GRNY (VS), JOET (VS), MS.