last week's trades

were DRYS (sell), MCGC (sell), and COF (sell short).

First, DRYS. I sold it because I had two out of three reasons for holding it. It would have been greedy of me to hold it any longer. The first thing that happened was that the Baltic Dry Index bounced upwards, ending its freefall. The second thing was First Maritime's takeover of Quintana Marine. This was unforseen, but fortuitious, as it priced in a takeover premium across the industry. The second thing happened halfway. That was an agreement by Baosteel with BHP on a 70% increase in the amount of coal purchased, although there is still no agreement on price. Finally, the VIX dropped below 25 on Friday, closing out a great week for the DOW and showing some easing of fear and bearish sentiment. 42% gain.

Next, MCGC. Sold at $13.11 for a 5% gain. MCGC's been riding the financial bounceback all week like a rocket. I will look to buy it again when it drops below $12.00. I was thinking about selling my July $12.50 call as well, but I wouldn't even make anything after trading costs. I had been hoping to get $2.50 for it, but if I can get $1.50+, I'll take it.

Last trade, COF. I was thinking it was a good short over $51.50. I didn't have room for it in the portfolio earlier in the week. Also, the financials were still rallying too hard. However, Friday seemed like it may be a turning point in the market. At $56.99, COF was at the top of my list.

Other candidates were FXB, CMG, UA, DECK, FXI, and the highest bouncing homebuilders.