Time to go mostly cash.

Today is a bad day for the market and I think I will sit out of all the marquee plays for now. As I had said yesterday, that I would either sell at a $.50 rise or wherever the stock is an hour out of the gate (with the exception of FCX). The trades to buy COP and GG didn't reach their target. Let's account for all the trades last week:

Sold at Earnings
Buy 1000 shares of BRCD @ $8.18 sell at $8.49=$310.00
Buy 200 shares of GME @ $50.70 sell at $53.00=$460.00
Buy 400 shares of DELL @ $24.76 sell at $24.82=$24.00

Bought last week and sold today:
Buy 1000 shares of LCRD @ $12.41 sell today at $12.40=($10.00)
Buy 200 shares EFUT @ $45.00 sell today @ $46.50=$300.00
Buy 500 shares MRVL @ $21.25 sell today @ $20.80=($275.00)
Buy 200 shares SNDK @ $48.95 sell today @ $46.75=($440.00)

Short position covered last week:
Cover 500 shares RIMM @ $138.00 (shorted @$127.50) =($5250.00)
Cover GOOG @ 495.83 (shorted @ $491.93)=($390.00)
Buy to close 1 contract GOPXI @ $520.00 (Sold@ $870.00)=$350.00

Positions previously accounted:
Sell 100 shares BA @ $88.20=$8,820.00
Sell 1000 shares GT @ $17.40=$17,400.00

Positions bought today at close:
500 shares of COP @ $64.19=($32,095.00)
300 shares of OIH @$138.20=($41,460.00)

Net transactions ($58,256.00)
Commission: ($242.00)
Total transactions($58,498.00)

Portfolio:
300 shares long FCX @ $61.45=$18,435.00
500 shares long COP @ $64.19=$32,095.00
300 shares long OIH @ $138.20=$41,460.00

Total portfolio: $91,990.00
Total cash:$5,720.80

Total gain to date: -$2289.20 % (-2.23%)

Today's market action is a normal correction. This is why I am liquidating stocks of a non defensive nature. I will stay long the metals and the oil stocks COP and OIH through this correction. Between the short position in RIMM and today's action, the small loss is not too bad.




GL investors

Disclosure: I am not currently long or short any of the shares aforementioned.

Note to all readers:This post and all other posts in this blog are for entertainment purposes only. All of the stocks listed are very highly speculative, and the portfolio is not diversified and could produce severe losses if you were to invest in these stocks. None of these stocks represent a recommendation in any way. As an individual investor, you have to assume your own risk. Prior performance is no guarantee of future returns.