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mirkotoscano's  Instablog

mirkotoscano
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CFA member. In this blog I put my thoughts. Work in an Italian bank in a strategist position (forex and commodities), but my true passion is the stock market.
My blog:
Asset allocation models for private & institutions
  • Correction Going On 1 comment
    Nov 4, 2012 3:03 AM | about stocks: EMB

    It appeared as i wrote in the last post.

    Market confirms to be in the correction mode and, like other phases in the past, I am patiently waiting for a follow through day (NASDAQ:FTD) before to open new single names long positions.

    correction on precious sector is going on therefore I'm waiting gold and silver's behavior when supports are touched.

    I took profits on emerging bond etf (NYSEARCA:EMB): yield is just above 4% and it could go higher in the short term. I'm monitoring the high yield sector as well, hoping for a correction to buy it lower.

    At the moment I 'm most in cash and European Italian bonds linked to inflation. Sold put on Eni, an energy Italian company with an dividend yield above 6%.

    I'm monitoring emerging market Etfs for covered call ideas and and Etf Stoxx 30 dividend with an yield above 6% at the moment. I placed a limit order 5% below actual price.

    In summary, I'm quite defensive now, waiting for a FTD to become bullish again.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: EMB
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  • mirkotoscano
    , contributor
    Comments (99) | Send Message
     
    Author’s reply » Next week end I'll update blog.
    At the moment I'm out from equity.
    My sell on EMB was evidently wrong.. it happens.
    Precious metals showed strength and could be a buy again this week if they continue to show good relative strength.
    11 Nov 2012, 02:23 PM Reply Like
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