Friday, September 11, 2009

Friday Update

The market continues to hold up even though for the past week or so its had a grinding feeling. Many stocks on my list have pulled back a touch even though the market has held up. The leadership stocks of the past couple of months (financials, tech, etc) are still strong and the market will hold as long as they do.

On the natural gas front, I have no regrets in getting out of the UNG ETF. There is too much dislocation from the actual underlying assets. I was okay with the high premium because as long as prices were this low, people will be buying it on the cheap and thus the premium could remain because of the lack of new issues. But ultimately, the closing of DXO did me in. I wasn't interested in finding out one morning that UNG decided to do the same thing. I'm still bullish on natural gas and am looking for good ways to invest in it while prices are still at these levels. If anyone reading this has ideas, I'd love to hear them.

It has been difficult to sit on my hands while this market continues to advance, but I still think its the prudent move. I may start buying here and there, but would like to see some more attractive prices before I move my cash positions to small levels.

On a housekeeping note, I'll try to post more. Its difficult to post much when I'm not focusing in on buying or selling specific names, but there are still items of interest I can comment on. I will be posting multiple times per day when I'm more active, and when time allows.

Hope everyone has a great weekend!

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