Observation Mode

I am in observation mode today as I let the beginning of the month and Greece relief rally play out. I will start looking at positioning my portfolio more bearishly tomorrow. Pfizer, a large holding of mine ( via short 17 Puts) , reports earnings tomorrow. If Pfizer does well it will give me more wiggle room to take on market risk tomorrow.


Anonymous said...

SPG approaching 93 bucks. Geez. That puts the cap rate well under 6 based on projected net income for 2010. It is taking off despite rumors that GGP favors the Brookfield bid.

What do you think of this as a short if we hit a downturn soon?


Tsachy Mishal said...

The price is ludicrous. The market cap is approaching what it was during the bubble. They issued shares so the share price is not quite there yet.

I think its a big winner on the short side as long as you can hold out past this short squeeze. The short interest has come down but is still on the high side.