covering SYX shorts +13% in one month

We cover for a profit of 13% in only one month our Systemax, SYX, short entered per this blog on May 09 of this year.

We are especially lucky with this stock, given we also booked a 34% profit in just 5 weeks earlier this year by shorting Systemax.


As with the recent covering of shorts in Lehman and AXL, we may well be early here and certainly it would not surprise us to see this stock and the general markets much lower in the coming days, weeks, or months. However we do not wish to risk such quick, easy, and generous gains so we cover our latest SYX short and remain comfortable with other short holdings in anticipation of a continued market slide.


With this sale thus far in 2008 we've closed 16 positions, all winners both long and short, for an average 36% gain on an average holding period of approximately 7 months which implies an annualized gain of 61%


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