Naked Hedge Fund Weekly #39


Below is a PDF with the Naked Hedge Fund weekly.  Click on it for the 2 page report.

YTD 6 trading days. YTD NHF Portfolio -1.48% vs S&P 500 -3.2%

NHF Weekly 8-14-10

Additional signs that the strength of the global recovery is waning sparked
selling pressure, resulting in sharp losses for the major indices.
o The S&P 500 declined four consecutive sessions, with the bulk of this week’s loss occurring on Wednesday (-2.8%). Losses were broad-based and trading volume was light, with the NYSE not surpassing 1 million daily shares for the 20th consecutive session.
o The FOMC meeting Tuesday marked one of the major events of the week.
The Fed held rates unchanged at 0.00% to 0.25%, as expected, and also
announced plans to use proceeds from its more than $1 tln holdings in agency MBS and debt to buy longer term Treasuries. The news was not unexpected after last week The Wall Street Journal reported that the Fed would be considering the action. But it is a clear sign that Fed is concerned about the economic recovery effort. The news helped drive the 10-year note yield down to 2.64%, marking the lowest level since April 2009.
o In economic news, overseas data that supported the notion of a slowdown in the global recovery weighed on U.S. stocks. China reported weaker-than expected retail sales and the Bank of England lowered its economic outlook.
o Back in the U.S., weekly new unemployment claims rose to a six month high of 484,000, which was worse than the consensus of 465,000.  Initial claims have remained between 450,000 and 500,000 since the middle of November 2009.
o Retail sales rose 0.4% in July, slightly below the consensus of 0.5%. Almost all of the gain can be attributed to increased demand for gasoline and motor vehicles. Core sales — which excludes sales from auto dealers, gasoline stations, and building materials and supply stores — declined 0.1%.
o On a related note, the trade deficit expanded by a greater-than-expected
amount which will negatively impact the second estimate to Q2 GDP.

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5 Responses to “Naked Hedge Fund Weekly #39”

  1. Todays rally filling in the gap down.. evaluating if this is the opportunity to rotate to short and take profits on our long.

  2. Looking shaky around $110 on SPY. Making the rotation to short at $110. Buying SH $51.20.

  3. Looks like it was a good decision yesterday so far.

  4. how do i find out your trades?

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