Make Money Investing The Warren Buffett Way
For my long term portfolio I bought the following:
Added shares of Nike (NKE) at $55.35
Bought shares of Endo Pharmaceuticals Holdings (ENDP) at $16.65.
For my short term portfolio I bought the following:
ProShares UltraShort S&P500 (SDS) at $55.90.
ProShares UltraLong Basic Materials (UYM) at $18.50.
ProShares UltrasShort Real Estate (SRS) at $20.
Bought 200 more shares of Manitowoc at $6.85 per share. Total position is now over 800 shares.
Sold off Proshares UltraShort S&P500 (SDS) ETF at $80.50 and bought shares of Proshares Ultra S&P500(SSO) at $22.90.
Sold off US Bancorp at $21.60. I lost about 3% on that trade. I planned on holding it longer but I think all of the major banks will get hit by the poor financial condition of Citigroup and Bank of America.
Apple dropped over 10% today on news that Steve Jobs is taking a leave of absence until June due to health problems. I picked up some Apple shares at just below $80 in the after hours market.
Picked up more S&P 500 UltraShort (SDS) shares at $82 per share.
I have been dabbling more with options lately. Bought April 5 call options on Wendy’s stocks.
Bought Jan 6 call options on Saks. Not a fan of luxury retail but the stock looks oversold.
PNC bank looks overvalued at $52.69. I think the stock has a lot of room to drop.
I know Electronics Arts (ERTS) slashed earnings outlook. But if it drops down to 13 may be worth a look.
Final Thought: Maybe Office Depot and OfficeMax should merge so they can have a fighting chance against Staples.
I started a small position in the Proshares UltraShort S&P 500 ETF (SDS) at close to $80 per share. The UltraShort 500 is an exchange traded fund that tracks twice the inverse of the S&P 500′s daily performance. The ETF peaked in the $130′s in November and has since pulled back to the $80 level. This is a short term position to try and take advantage of this erratic market. The market has gone up significantly over the past two weeks so I expect a pull back in the near term.
