Still Long Financials...

It was a wild day in the markets. Up, down, and finally closing up. The banks didn't perform as well as hoped, and I should've sold this AM. I did unload the rest of my JPM at $33.65. Citi is coming out with their 1Q earnings tomorrow AM. If they beat earnings, I expect there to be a big move up - although, if they miss...

The Tech sector was on fire though due to Nokia coming out with positive news. After today's close, Google came out with better than expected earnings as well. I picked up a position in Palm - 1500 shares @ $10.05.

Since April 6:

• Today's Portfolio Move: + $462
• Total Unrealized Gain/Loss: - $1,270
  
• Total Realized Gain/Loss: + $2,439
• TOTAL NET: + $1,169

JP Morgan Beats Estimates...

JPM beat estimates this AM as expected. I've been slowly layering out of positions to protect against downward movements. I'm worried that folks will sell on the news causing the sector to decline. At the same time, I'm wary of missing out on a broader rally. I'll need to remain nimble, but we'll see how the day plays out....

Since April 6:

• Today's Portfolio Move: + $1,918
• Total Unrealized Gain/Loss: + $93
  
• Total Realized Gain/Loss: + $2,267
• TOTAL NET: + $2,360

I've Been Out ... and Have Gotten Killed!

I've been traveling, so I missed out on a lot of the action - and I've paid for it. The Financials have gotten killed over the past two days, although they did make a slight rally in anticipation of JP Morgan's earnings tomorrow AM. I did make a couple of trades - bought NFLX and dumped it (at a loss today) for a position in Bank of America. I also went long Citigroup today before JPM's earnings. Both BAC and C are the best positioned to benefit from a strong performance which I fully expect from Mr. Dimon. Also, the markets are expecting strong Citi earnings on Friday, so there's potentially another bite of the apple we can take if JPM disappoints. We'll see.

While I'm counting on a rally, I dumped a portion of my Morgan Stanley position at a loss to reduce some exposure in that name. Their commercial real estate exposure scares me.


Since April 6:

• Today's Portfolio Move: + $466
• Total Unrealized Gain/Loss: - $1,350
  
• Total Realized Gain/Loss: + $1,856
• TOTAL NET: + $506

Ugly Open...

Markets have opened up down, and in particular, the financials are getting killed. GS priced its secondary offering at $123. MS (-7.5% on day) and JPM (-4.5% on day) are down significantly. Hopefully we start to see folks buying on the dip.

End of Day Wrap - Goldman Pre-announces Earnings

Markets rallied hard into the close. JPM closed at $33.70, so there's a nice little gain there. Goldman Sachs, in a surprise move, announced earnings after the market's close today along with a $5Bn secondary offering. This is what I was worried about. Despite emphatically beating earnings estimates both in EPS and revenue, it is trading down $2. Nonetheless, the news is very positive. As a related stock, I bought 800 shares of Morgan Stanley @ $26.93.

Since April 6:

• Today's Portfolio Move: + $1,827
• Total Unrealized Gain/Loss: + $360
  
• Total Realized Gain/Loss: + $3,569
• TOTAL NET: + $3,929

Long JPM

I bite the bullet and went long JPM. Bought 750 shares at $33.22. The good news is that it's up to $33.38. If it dips again, I will layer in another 250 shares.



Since April 6:

• Today's Portfolio Move: + $1,587
• Total Unrealized Gain/Loss: $120
  
• Total Realized Gain/Loss: + $3,569
• TOTAL NET: + $3,689

All Cash Now - Eying JP Morgan

Sold my remaining Goldman Sachs position at $129.75. I'm eying JP Morgan, although it has already moved up 1.5% since my last blog ($33.25 currently). If it dips, I will go long.


Since April 6:

• Today's Portfolio Move: + $1,467
• Total Unrealized Gain/Loss: $0
  
• Total Realized Gain/Loss: + $3,569
• TOTAL NET: + $3,569