Tuesday, April 16, 2013

Reducing Longs and Adding Shorts

I was at the ALIOM trading for the past week, so I wasn't able to blog.  I will continue more frequent postings, now that that's ended.

With Gold down to its lowest levels in 2 years and Gold and Dow being both down triple digits for the first time in history, it wasn't a pretty day for risk assets.  I'm feeling pain on my Gold positions - I have GDX, GLD, GLD options, SLV, ABX.  A total of 17% of my portfolio.  My biggest macro bet of 2013 is now officially a duck; and the challenge will be trying to unwind some exposure.  Psychologically  I don't feel uncomfortable with the exposure, given my constant risk management over the past 3 months allowed me to feel this kind've tail risk - although I thought it would come in equities first.

I sold my INTC, NVDA, UUP, NBR long positions and added LULU and MRVL short positions.   My other shorts are now AMZN, CMG, GME and puts on the SPY

I'm now 80% invested, with 30% shorts.