Storm Watch

I was sent home early today due to the storm that hit the Denver area, so I picked up my kids and closed out some positions and sold some covered calls.

*Closed my entire position in the SPDR's Gold (GLD) at $92.27 for a 5.5% profit

*Closed my entire position in iShares FTSE/China 25 Index (FXI) at $30.07 for a 19.4% profit

*April $20.00 calls on Chesapeake Energy

*April $30.00 calls on U.S. Steel Corp

Hopefully the weather will stay around, so I can get in some more trading tomorrow.

I am extremely excited because I should be receiving my Google G1 phone today. The functionality seems mind blowing and I have even heard it described as a "sidekick on steroids." Anyhow, I'm really looking forward to putting it to use for some mobile trading and even sending updates to my blog.

Looks like today's week is going to start off with a bang and I have a few horses in this race with regards to the AIG restructure and Chinese stimulus plan. I have shares within both AIG and FXI.

AIG has its hand out for more money because $85 billion just won't cut it. They are now seeking up to $123 billion. So the question going forward....If you can't make headway with $85 billion what is wrong with you? It seems as if the main street taxpayer was duped because the initial terms given to AIG benefitted the U.S. government. However, they now have 5 years to repay the debt at a lower interest rate. I am all for big business, but not when it is run as poorly as AIG. Next in line is the U.S. automaker....oh this should be fun. When will this craziness ever stop?

FXI is up a few points in the pre-market and I am hoping it continues as the stimulus plan gets digested by the rest of the world.

Going into the Weekend

I was able to get into FXI on Wednesday, but missed out on ADRE. However, with the large drop-off I will be able to get in a a significantly lower price. I feel comfortable with my positions right now and will be looking to take advantage of more downtrend within the market. The big question going forward seems to be: Are we going to test previous lows? My thoughts are that we will.

Going forward I will be more selective and focus on specific stocks within certain industries. Rather than spread cash around 3 - 6 stocks, I will focus and buy 1 - 2, which allows me to be more nimble. My overall market sentiment remains bearish.

The Day After

I tried to get back into some foreign market exposure yesterday, however I set my entry points too low and the market just had too much upward momentum. Today is another day and I will keep with my current strategy moving forward. This includes the following:

*Long on the FXI and ADRE at respective entry points

*Shorting the Dow via the DXD

*Selling covered calls on my position within RIO which will lower my cost basis on this stock

Foreign Market Exposure

I'm looking to make a small step into the China and Emerging Markets via Exchange Traded Funds. I've got orders in a bit above the lows for yesterday in hopes of a strong market open and then a pullback during the day.

*iShares FTSE/Xinhua China 25 Index (FXI)

*BLDRS Emerging Markets 50 ADR Index (ADRE)