Overall 24% stocks and 76% cash and equivalents - stocks position down 4% week due to further long side liquidations. Not much good news to report and with Feb options expiration behind us, my few longs quickly got into trouble.
LLL was on the brink of a downside breakout as of last week’s report. Monday the stock quickly broke down and crossed the lower range band. This erased a bullish crossover that started back on 12/8/2008. Sold half my position in each account in the high 73’s. Later that morning, I sold the other half at 73 in one account and 72.75 in the other. Having paid 79 and 75 respectively for these positions, this was a loss taken. By the end of the week, the stock was at 67, so this was much larger loss avoided.
Next order of business was vacating a third of my SPY position which I did later Monday just south of 75. Finally, I sold half my YUM position in each account for a small loss.
The only good thing I have going right now is last week's call to buy the GE March 10 puts. Having paid a buck for these contracts, i'm up 79% in just a few days time. I expect this contract to double again when GE gets to 6 which I expect it will by March expiration.
As of Thursday, all those losses puts me down about -5% for the year in each account. Here are relative performances in other indices:
-5% ---- My performance
-16.65% ------ SP-500
-6.98 ----– Nasdaq 100
-18.17% ------ Dow 30
-21.32 ------- Russell 2000
If anybody out there is making money, please tell us how you are doing it. Thanks.