PORTFOLIO CHANGES FOR SEPTEMBER 29TH
I announced on Twitter the initiation of a position in FCX at 32.20 today. It's a small position and will remain that way. Not because I feel the position has excessive amounts of risk or lacks potential. But rather due to the fact that it's an individual stock. I'm not comfortable with individual stocks at this juncture of the market. I wanted to a way to play a coming move up in copper, I think FCX is an aggressive way of doing so, which is why I made the exception.
I also took profits on the remaining portion of my DZZ long (short gold) position at 5.32. The position was initiated on August 31st at 4.33. Total profit on the trade was roughly 20% in a one month time period.
I remain bearish on gold but am of the belief that it will rally with the market over the coming weeks. I should be able to put on the position at higher prices in November. I continue to believe gold is headed towards 1300 and is now broken over the intermediate term.
Current holdings in order from largest position to smallest: TMV, FAS, FCX and 40% cash.
