Bookkeeping: Closing Capital One Financial (COF) Short

I am still eyeing that gap at $24 in Capital One (COF) but at this point it appears it will take an act of God to get the stock market down ;) I am going to scurry off with my 16% loss on the last 1.1% of this position (suffered similar losses on other parts of the position along the way). If you notice I am posting the exact same chart in many stocks today - companies have pulled back to 20 or 50 day moving averages but have been bouncing. Essentially almost all stocks move with the greater markets nowadays - so as the indexes bounce, almost everything runs up with it.

The stock has not really gone anywhere for the past 6 weeks but we took most of our damage on this one early in the position. (early August with cost basis just above $30)

I'd be more interested in shorting on a break below say $33.50 but for now "gap filling" is only working selectively in a market that is up 8 out of every 10 days. I am going to be looking for new names to fill the short side of the ledger, but its slim pickings looking for really bad charts as so many stocks are over every major key moving average.

On the fundamental side of the ledger, the Fed is handing money to all financial institutions at nearly nothing with the game plan of huge profits on current loans offsetting grandfathered losses that are coming from old loans. Savers will be crushed (as will your currency) until the banking system can recapitalize itself, and there is nothing you can do about it. All these type of companies benefit from this world where the Fed, a private institution whose job is to support the banks, dictates our world.

No position