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Our bet against the biggest loser in the mortgage/robosigning/foreclosure-gate debacle…

June 10, 2011 by Cody Willard

It’s an ugly day for the markets but the biggest decliners on our sheets are, at least for now today, our two biggest shorts.   Our bet against the biggest loser in the mortgage/robosigning/foreclosure-gate debacle, Lender Processing Services, is hitting yet new 52-week lows again, giving us some more outsized gains in the puts we’ve been buying there since we launched and this stock was in the mid-$30s, not the $23 handle it’s now got.  I think it’s headed much lower in coming quarters, but I might look to sell some of our hugely profitable puts in this one on future weakness to lock in some profits.

And silver is down about 4% on the day and is looking like it wants to crack to lower lows.   If it were to break below $34 again, the psychology of the bulls would likely go funky freak out.

Back with a list of all my positions and a weekly wrap up next.   Sticking with the playbook and buy on weakness.

Related posts:

Cody Kiss & Tell: Over the Fiscal Cliff and Robomneycare
I really am buying some real estate here...
Cody Kiss & Tell: Market outlook, bulls, big tech and what about $FIT?
Join me for this week's live chat at https://tradingwithcody.com/chat at 2pm EST today...
Bubble-Blowing Bull Market Redux
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Filed Under: Sample, Trading

Disclosure: At the time of publication, the firm in which Willard is a partner and/or Mr. Willard had positions in some of the stocks mentioned above although positions can change at any time and without notice.

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This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or cryptocurrency or token any other product or service by Cody Willard or any other third party. Furthermore, nothing in this is intended to provide tax, legal, or investment advice and nothing in this should be construed as a recommendation to buy, sell, or hold any investment or security or cryptocurrency or token or to engage in any investment strategy or transaction. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.

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