Friday, February 23, 2007

Update On My Open Positions

FDX: A few days ago I bought FDX looking for it to breakout which it did today. FDX was up almost 2 dollars with good late day volume towards the close.

FXI: I bought FXI the other day and watched it sell off all day today. I'm sitting with a loss right now. I'm not thrilled with the way it closed going into the weekend but I'll just leave my stop where it is which is below last week's low. We'll see what happens next week.

Oil and Oil Stocks: I mentioned yesterday that I was watching the 61.50 level for April Crude oil. Oil couldn't spend much time above this level so I took about a third of my position off on USO and oil stocks. I've been holding this trade since January and doing very well so I decided it's time to take some profits. It may be the year of the pig, but that doesn't mean I have to be one!

GLD: I'm still long GLD and a few gold stocks. Like I said the other day, my trailing stop is the lowest low in the last 15 days.

Nortel: I have a small long position left in Nortel. I'm not going to talk about this stock anymore unless something big happens. It already moved up nicely since I first posted about it last December.

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