Friday, May 23, 2008

Long Weekend.... and Frontier Oil

I will not be posted until after the long weekend as we head into the Memorial Day holiday. I want to wish all my readers a safe and enjoyable long weekend as you enjoy yourselves, family and friends combined with good food and good weather are hard to beat !

I also want to take this opportunity to thank everyone for taking time to stop in and read this blog. Your emails with thoughts, questions and insights are much appreciated.

Before I go I want to leave you with a wonderful snippet form one of my favourite books, Panic on Wall Street by Robert Sobel. It comes from chapter 11 entitled, 1929: The Making of the Myth.*

* A myth, according to most sociologists, is a belief which is held by a group to be true, and is accepted on faith rather than on examination of relevant evidence.

Sort of aptly describes the current calls for the credit crisis being over, a myth, plain and simple.

By the way if you missed getting in of Frontier ticker FTO yesterday, you are getting another chance with today's low volume pull back to the breakout.

I will take advantage of this and am adding a another unit long here at $28.40. leaving me with a 3 unit long position.

Good speculating to you all and continued success in all your endeavours !

Open Positions:
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 1 unit Allis-Chalmers ticker ALY @ $14.45 stop at $16.64
Long 3 units Ultrashort Dow DXD@ $50.12 stops 2/1 at DIA $132.68/130.26
Long 2 units Ultrashort Financials ticker SKF @ $103.90 stop at XLF $26.72
Long 1 unit Currencyshares Swiss Franc ticker FXF @ $96.25 stop at $93.82
Long 3 units Frontier Oil ticker FTO @ $28.35 stop at $25.26
Short 1 units Daimler AG ticker DAI @ $86.20 stop at $82.48
Short 1 unit Brinker Int'al ticker EAT @ $21.25 stop at $24.14
Short 3 units Retail Holders ticker RTH @ $96.72 stop at $98.56
Short 2 units Goldman Sachs ticker GS @ $191.53 stops at $197.68/$193.58
Short 2 units Darden ticker DRI @ $36.35 stops at $40.27/$38.34
Short 3 units Lehman ticker LEH @ $43.70 stops 2/1 at $47.46/$45.48
Short 2 units Deutsche Bank ticker DB @ $117.03 stop at $120.18

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