Dec

28

Covered MS, HZO, sold SPY Jan 146 puts

December 28, 2007 | Leave a Comment

This afternoon I decided to pull the plug on the bulk of my short positions by covering MS at $52.96, HZO at $15.17, and selling my SPY Jan 146 puts at a premium of $1.94. By about 3.20pm it became clear that today’s weakness was not going to accelerate significantly in the last hour of the trading day, and therefore, I decided to take some tax losses in my MS short. A bit of patience allowed me to […]

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Dec

18

Doubling up short on MS

December 18, 2007 | Leave a Comment

This afternoon I decided to double up my short on MS, shorting more stock at $48.18. From a fundamental standpoint, Morgan has relies more heavily than Goldman on M&A and underwriting, and Goldman’s guidance today was pretty weak for 2008. Morgan should be even more affected by a slowdown, and it is still trading at a relatively rich 1.5 times book.

From a technical perspective, the stock traded down all day on heavy volume, and looked particularly […]

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Dec

17

Adding to MS short, going short BSC

December 17, 2007 | Leave a Comment

This morning I decided to increase my short by about 80% in Morgan Stanley, shorting the shares at $50.45 this morning. Additonally, I entered into a new short position in BSC, shorting the stock at $95.65. I said last week that I believe there are still skeletons out there on Wall Street, and that I could more or less short the brokers with immunity after Lehman failed to bounce despite better than expected earnings. With earnings out […]

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