Monthly Archives: March 2009

SKF down to earth ready to refuel?

Posted by Investing Freak on March 16, 2009
General / 1 Comment

On Friday March 6th I made a new blog post calling SKF (UltraShort Financials) Overbought.

Now, 10 days later I want to put my opinion down in writing.  SKF went from over $260 to $126 (so far) that is more than 50% off (around $13.40/day for past 10 days).
When I first posted my opinion i was being generous and looking at $182-$186 for the move down to earth.
There was an important fib retracement at $155 and one at $120.

Being a recent fib retracement follower I have a position in the $150-155 range, toady SKF didn’t go as low as $120 or i would have doubled down.
If this is the short term bottom for SKF the  move up seems to hit $213, I am not good with timing the market with dates so i don’t want to give misleading info.

to recap.. SKF trying to refuel? Buy at $155 or $120 with a target at $213

I am including a visual as always (Click to enlarge)

skf-1003bb-march162009
Disclosure: As i stated in my post I have a position at $150’s range and was looking to double it at $120.

-K

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SKF (UltraShort Financials) Overbought?

Posted by Investing Freak on March 06, 2009
General / 3 Comments

I hope you saw my post about my February performance. Most of my gains were thanks to shorting the financial sector via SKF.

I have still kept an eye on the ETF after selling it and is now is extremely overbought on many levels. I had a target of $250-255 for it but I did not hold my shares past $200. Now that my target has been reached I am looking for SKF to come back down to earth,  I am looking for at least $182-186 range.

With the market crashing down so fast there is not much incentive to go more short as I am sure SEC has plans for a no shorting rule or at least something to stop the bleeding.  That concludes this post and I will rest my case by providing you the chart which I am basing my case on.

Below I am attaching a chart showing the RSI being overbought but also SKF itself going over the Bollinger bands that I use. 
If you are looking to buy into SKF (besides trading it for quick scalps) then either stay away from it or just take the chart into consideration.    (Click to Enlarge)

skf-1003bb-march062009

As always, I merely post my opinions on here so I am not responsible for anyone’s financial decisions.

Have a good day,
-K

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Best Monthly Performance for me

Posted by Investing Freak on March 01, 2009
General / 1 Comment

February 2009 became the best month in my short trading career.
You can look at my covestor account which assumes that I invest 100% of my portfolio and see that i have made over 23% returns.
In reality, this month I had a gain of 13.54% while S&P was down 10.99%.
I basically beat the S&P by 24.53% (I don’t believe in benchmarks but this is for those readers who do).

The chart I will post below will reveal my true account size which to some of you will seem like spare change. (Click to Enlarge)

k-feb2009-performance

Here’s to hoping for a good March Performance. (Be it in a bull or bear market)
-K

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