Covered Some Shorts

I covered some shorts into this mornings move lower. I also covered my Citigroup short. The reason for my short position was that the government was supposed to start selling shares. It was widely expected that the selling would start after earnings but it has not. I will revisit once the sale is announced.


PJ said...

I also sold yesterday's VXX purchase. Keeping my bank shorts however.

Unemployment claims suggest the economy is not quite ready to turn down. Hiring is about at normal levels in absolute numbers, but low compared to the number of unemployed. Layoffs are above normal levels, but well below year-ago levels. Overall looks like slow but slightly positive payroll growth for the next few months. But consumption expenditures look to be turning down, so everything is lining up for flat GDP in Q2 and negative GDP Q3-Q4. Probably payrolls turn negative again in Q3.

thegreatsatan said...

I wouldn't be ready to short C just yet.