Thursday, February 23, 2006

Placid Indeed

30 minutes before the close and another trading day is gone. Our favorite sectors remained in a tight trading range and we stayed away from making any major committments. A few issues in which we found mild interest today are:

RMBS (net long delta)
CTRP (short credit put spreads)
PHM (long ATM puts)

We're mostly in cash as of this writing and besides the above names our portfolio has exposure to RIMM, GR, OSTK, BBY, WTW, APC, RYL, CVX, AEP.

So, we're keeping it small at the moment as the market isn't offering any actionable ideas. Our wish for NDX-100 closing significantly above 1682 doesn't seem to be coming in and that being so, I am beginning to feel that it's a good thing. Frankly, I'd hate to get seriously long this market right now.

Best trade for the time being: do nothing

Cheers,
/Dmitry

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