Buy T, Buy WFR, sold puts on these two on Monday, the T Dec 37.5 put , and the WFR Nov 65 put. Timing intraday was poor, as I bought much closer to the highs for the day, than the lows.
Lots has happened since I last wrote. A new Chinese IPO is now the most valuable publicly traded stock in the world. This makes the Chinese stock market officially a bubble. Sure the economy over there is booming, however, China's GDP is still a small fraction of the US GDP. Even though the bubble is now official, it doesn't mean it is time to short FXI. Bubbles have a way of draining most of the cash from fundamental type shorters before the bubble pops. The last stages of a bubble market often see huge percentage gains in a short period of time.
Bigger news perhaps is the super acceleration in the bull phase of gold and silver. Readers know I was clever enough to buy the breakout on gold at $700, and foolish enough to cash in those chips for meager profits very early in the move. I still have my core holdings, but the trading positions would have been nice to have at this stage. I do wish I knew what was going to happen next
Positions: GM, T, WFR all hedged longs. GM due out with earnings, also already announced a big write down and stock is down after hours. I am short the GM Nov 30 puts, so unless the sky caves in, there is enough cushion before expiration.
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