Wednesday, February 08, 2006

What We Are Doing

An interesting day. Make that last three days.

Here is the recap:
  • We're long BZH at 2/3 of capital allocation. I like BZH specifically because it broke the 65 strike. The entire Homebuiding sector lifted today so that certainly helps. We don't plan to stick to this trade for too long and are likely to be looking for an exit tomorrow.
  • We're long GOOG at 1/3 of capital allocation. Actually we flipped the stock a few times during the day by buying dips and ended up with a meager long position.
  • We're holding on to our Semiconductor credit spreads with SOX.X acting like a champ.
  • We're long gamma in Oil sector via OIH and APC synthetics
  • I am personally short delta in OIH - I've been selling it all day into strength.
  • Finally, we blew out of PD - see the story below - and rolled credit spreads to 135/130 strikes.
As a disclosure, the above is not a list of all of our holdings. I am merely reflecting on the day's activities. Sometime soon we'll be posting our fund's holdings in their entirety on daily basis. Stay tuned for that.

NDX/SPX complex is acting strong with VIX dropping through 13. As we expected the markets seem to be stuck in a range with scary dips and rallies rattling everyone's nerves.

And that's a good thing.

Cheers,
/Dmitry

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