I took the index longs to cash Friday morning which ended up not being as smart of a move as just leaving them long till the close. However, I went back to a long position in the funds, thinking we get a currency related Santa Clause rally this week. By currency related, I mean reversion trade in the Dollar/Euro. The Dollar is a bit overextended short term to the upside and the Euro is a little oversold in the short term. Longer term their trends may be in the cusp of changing, but for now I think a reversion will be the excuse for a Santa rally.

Update on positions:
Sold CZZ due to sell signal 2% loss
Sold MNKD 21% gain and will buy on pullback
Sold CHLN 11% loss, no sell signal, still on buy, just tripping my mental stop. I don’t really have a stop, I just didn’t want to lose anymore than that.
Sold ETFC one day before it got off its ass. That was frustrating as yesterday it made a nice move. There was no reason to sell. I got tired of its sideways action and went to a higher reward trade or what I think is a higher reward trade which is calls in MS. 8% loss on ETFC.
Sold the RIMM calls I tweeted about for 99% overnight trade off the earnings. I held the RIMM stock though.

New buys: Added to C, CSTR, rebuy CSUN, MS calls, and RT. Not sure if I blogged about NOG. I bought that and also added to ROYL.

I own: AIG calls, MS calls, AAI, C, CSR, CYBS, DTG, HITK, MIPS, NEP, NOG, RIMM, ROYL, RT, SMED, AMAT calls, AXL, CSTR, CSUN, PTNR, AIG.

Tags: aai, aig, amat, AXL, c, chln, csr, CSTR, csun, CYBS, CZZ, DTG, HITK, MIPS, MNKD, ms, NEP, nog, Options, PTNR, rimm, royl, rt, smed