Thursday, June 12, 2008

Quick Update

Market tanked pretty hard yesterday, and as expected, most of my positions were clobbered. The Wynn Resorts (WYNN) trading position actually held up amidst the market sell-off, and closed up for the day.

Today, the market started off really strong, but then the rally fizzled. Fortunately, it was still a very good day for me. My portfolio gets a huge boost whenever Wet Seal (WTSLA), the largest holding, moves up a significant amount. I'm still waiting for mid-$5's to $6 before I sell off another chunk of that one.

Anyway, on a different note, I don't put very much weight on insider selling, but I believe that insider buying is worth keeping an eye on. Today, I noticed that a new SEC filing for Wynn regarding insider buying was posted up. It looks like one of Wynn's directors, Alvin Shoemaker, picked up a thousand shares at $88.68 yesterday. I hope this bodes well for the near-term, because this is a substantial trading position for me, as I've already stated in my original posting.

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