Thursday, July 26, 2012

Early to the the trade, Costs you money

ECB Board members floated the idea of ESM being given a banking licence last night.  Saw some positive moves in eurostoxx but that carryover didn't last long in the sp500 with new home sales 350k falling below 373k expectations.  Homebuilders are now falling for consecutive sessions, and given my lack of exposure here, there will be some chances to add to the portfolio.

I got stopped out of trade 1368, but after last night's ESM speculation, am setting up with another trade, this time with 3 lots, and an even tighter stop at 1.2105, exit target 1.231.  Being early is the same as being wrong.

On that note of being too early, given my trades into natural gas, first through ETF UNG (couldn't take the contango heat), then through equity play NBR - I've been reminded of how important timing is - now seeing natural gas prices spike 44% and not having any exposure in natural gas.

Finally got my copy of hedge fund market wizards, definitely one of the better books on hedge fund mindsets and portfolio strategies.

Hedge Fund Market Wizards