Make Money Investing The Warren Buffett Way
Added more shares of ProShares UltraShort Financials ETF (SKF) @ $76.00. This sector has been on fire and I continue to believe that it is due for a pullback. I will be paying close attention to bank earnings when they are reported next week.
Added more shares of ProShares UltraShort Real Estate ETF (SRS) @ $38.50.
Bought more shares of UltraShort Financials ETF(SKF) and UltraShort Real Estate ETF(SRS). There are rumors that the SEC will reinstate the uptick rule thus making ETF’s like these irrelevant. I think that these ETF’s are a solid option right now as financials have experienced a huge run up over the past month.
I sold off some of my Mittal Steel(MT) shares. The stock has risen over 24% in less than a week and I figured that it would be best to take some profits.
Financial stocks have had a huge run up over the past 4 weeks. They have come off their 52 week lows and some have tripled in value. While I do not believe that financial stocks are going back to their 52 week lows; I believe that financial stocks are due for a pullback. My first move for Friday is to pick up some shares of the UltraShort Financial ETF (SKF). This ETF just hit a new 52 week low today of $85 and closed at $88. I think this is a good short term hedge against any pullback in bank stocks.
