Thursday, April 17, 2008

Watching ALY and MRO

Marathon is looking interesting again. Nice channel has formed and could be bottoming. For some reason this chart looks interesting. I will give it some time.

I mentioned Allis-Chalmers a while back. The chart above contains my earlier comments. This is a reminder not to forget about it! We are getting close to a breakout.

Jobless claims rising, yup that's good for the housing market. I am no rocket scientist but it seems to me you could lower rates to 0.5% and it wouldn't matter at all. If you are not employed or your income is not rising how do you afford the mortgage.

JP Morgan numbers down 50%. Merrill at a loss, by the way I was referring to Merrill's John Thain yesterday who said they don't need to raise capital. I can see the lawyers lining up right now for the lawsuits.

Just a thought on Wells Fargo, do you really believe the numbers they posted or do you think they may be in denial mode. Kinda like, hey we didn't like the bid on the assets we hold so we're still valuing them at what we THINK they're worth. Don't you wish you could do that with the Intel you back back in 200 at $65. Hey, you could argue like the financials that all the sales are distressed and therefore not reflective of the true market. Absolutely comical if it were not so fraudulent.

Better yet you could have booked your gains without selling that Intel position and pay yourself a huge bonus, but you gotta get outta dodge before the #$%$ hits the fan. You want to leave that in the lap of the next mark! This is not fiction, this has all transpired in our financial arena. Yes our capital markets, quite the example

Housekeeping notes; I am moving my stops up on the following positions.

UGA stop at $51.74
DXD stop at $51.84
TWM stop at $73.74
QID stop at $43.84
SKF stop at $104.16
SRS stop at $84.84

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 $51.74
Long 2 units Ultrashort Dow ticker DXD @ $53.75 stop at $51.84
Long 1 unit Ultrashort Russell ticker TWM @ $74.80 stop at $73.74
Long 1 unit Ultrashort Nasdaq ticker QID @ $44.65 stop at $43.84
Long 1 unit Ultrashort Financials ticker SKF $102.20 stop at $104.16
Long 1 unit Ultrashort Real Estate ticker SRS $86.40 stop at $84.84
Short 2 units Daimler AG ticker DAI @ $86.20 stops at $84.20/$82.20
Short 1 unit Lehman ticker LEH @ $41.20 stop at $46.59

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