Sunday, June 6, 2010

Made money..but did I trade well?

Reasonable money making day, but coming into friday situation was as follows; was short high beta stocks , $BIDU, $CRM ,$VMW(average beta 1.70) and the latter two were up 7% on thurday. At the end of trading thurday I hedged 60% of my shorts with sp500 etfs, since I did not want to risk a bullish jobs report.

Well the jobs report was not good and the euro continued collapsing and the SP500 ended down 3.50%. So my hedge lost me money but that was fine. What bothered me was my high beta stocks should have fallen much more than the market and they did not really...particularly my bigggest short $VMW which behaved with a beta of 1.0  .($BIDU -4.25%   $CRM -5.50$).

$OIH outperformed and $GS did really well down only 1.20%.