Not to mention silver. The whole commodity complex is getting a big shakeout. Now that's a market we can start to talk turkey about bottoms being formed.
Well that was a quick visit with my Lehman short, 2 pts loss. Oh well, you can never tell unless you bet!
I was stopped out of my 2 unit position in SRS at $89.60 for a 2.30 per unit loss.
I was also stopped out of a 1 unit position in FXP at $84.70 for a flat trade.
I am moving my stop on C down to $24.40
This is another short covering rally, fast furious and violent. IF, and that's a big if this rally develops into something larger I will address it at that time. We are a long way away from that but I just want to say that so people don't think I am stuck in my views, perma bear if you will.
Yes, you heard the news correctly, Lehman presenting the SEC evidence to have the shorts investigated, collusion. Maybe they should focus on marking their toxic mortgages and CDO paper to market rather than focusing on the shorts. Or focus on bolstering their liquidity by raising capital even though they claim the are very solvent and highly liquid.
I read a piece that remarked how China has outlawed shorts yet it hasn't prevented their market from dropping 35-40%. Big help that's been. So continue blaming the shorts, as they start all the rumors. Why else would a "run" on any type of bank happen, bad decision making at said bank would never cause one, right? The pump and dump crowd never would do such a thing either, just blame the shorts. The shorts makes me think of Tony Montana in Scarface and his famous line... "say goodnight to the bad guy!" Shorts are the bad guy, bad investments
Good speculating to you all.
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 4 units Ultrashort Dow 30 ticker DXD @ $58.00 stop at $53.10
Long 2 units Ultrashort Financials ticker SKF @ $102.20 stop at $98.70
Short 3 units of Deutsche Bank ticker DB @ $117.15 stop at $119.40
Short 2 units Citigroup ticker C @ $23.45 stop at $24.40
Short 2 units AGCO ticker AG @ $61.00 stop at $62.75
Short 2 untis Daimler AG ticker DAI @ $86.20 stop at $88.05