Wednesday, May 21, 2008

What's Good For Morgan Is Good For America....?

I want you to have a quick look at the 2 charts I have posted below.

At first glance it looks like I posted the same chart twice, in error. In fact they are different charts. The top chart is the S&P 500 and the lower chart is JP Morgan. I have no idea what the uncanny similarity in pattern means, but maybe it means that as goes JP Morgan so goes the overall market. Maybe the 'what's good for GM is good for America' mantle has now switched to the house that Morgan built, hence the title of this blog.

Just when you thought congress couldn't get any lower on the economic idiocy scale, we get news that congress passed a bill to sue OPEC over oil prices. You truly cannot make this stuff and as the saying goes, truth is stranger than fiction.

Housekeeping notes;

I was filled on another unit short of Lehman ticker LEH at $41.40, giving me a 3 units short position.
I was filled on a another unit short of Deutsche Bank ticker DB at $ 116.35, giving me a 2 units short position.

Good speculating to you all !

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 ticker DXD@ $50.12 stop 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
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

No comments: