Friday, April 4, 2008

It's Friday !

I was caught up in some personal items yesterday so my apologies for the lack of posts, or to the some the relief of not having to endure the pain! Note of interest I will be off next week vacationing in the sunny FLA! I will be monitoring markets and try to make a few posts on anything interesting I find.

Caught some of the dog and pony show yesterday on capitol hill. I truly am speechless. I was told long ago you can learn much about one's acumen not by the answers they give but the questions they ask! Yesterday was ample empirical evidence of this phenomenon ! Not a question about the constitutionality of the Bear/JPM deal. We truly get what we deserve.

Listen I do not want this market to tank, I truly don't but you cannot have the phantom economic charade we have had of the last years and not pay a price. You cannot have home prices trading at multiples that are clearly unsustainable compared to incomes. So what gives. Just like the tech bubble and with every one with half a brain doing the Chuck Prince, the music's playing so we have to get up and dance. Most knew it was a charade but played anyway planning to get a chair when the music stopped. Most never did! This time will be no different.

On the housekeeping side I was stopped out of my SKF position at $ 98.60 for a 4pt loss. Considering it was $120 a mere few days ago is beyond explanation on my part. It won't happen again to me. My stop should have been moved up at least on 1/2 my position. Always learning as they say.

Per my chart 3 days ago, KOL poked its head thru $39 I did nothing yesterday so I will wait for a pullback to get long this one.

Good Speculating to you all.

Open Positions:

Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 2 units US Gasoline Fund ticker UGA @ $51.25 stop at $47.84
Short 2 untis Daimler AG ticker DAI @ $86.20 stop at $88.05

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