Tuesday, July 1, 2008

Eary Tuesday Items

I am absolutely shocked to read that Moodys says Some Employees Breached Code of Conduct, to which I can only say REALLY !! As prefect Rick in Casablanca would say, "I am shocked, shocked to find gambling going on in here!"

Mr. Mortgage who is a long time veteran of the mortgage scene with excellent insight and now has a great site you should be reading on a regular basis had this to say yesterday in his post "Wachovia Cries Uncle to the Pay Option ARM's .

I caught the following article "Are Bean Counters to Blame" out of the NY Times, in which Stephen Schwartzman of Blackstone (ticker BX) blames the problems in the financials on FASB 157. Yup blame the accountants, as if they aren't the brunt of enough jokes and criticism they now are responsible for the financial firestorm we are in ! The level of arrogance and hubris on Wall St. and Washington are truly breathtaking.

Note to all, when there is no bid on a position in your account, DO NOT BLAME YOURSELF, blame the accountants as it is their fault for forcing you to mark to market. The nerve of them !!


Good speculating to you all and always remember that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 3 units Ultrashort Dow DXD@ $50.12 stops $62.22/60.49/58.62
Long 2 units Ultrashort Financials SKF @ $103.90 stops $139.46/134.67
Long 3 units Currencyshares Swiss Franc ticker FXF @ $97.35 stop at $93.82
Long 3 units Ultrashort ReEstate ticker SRS @ $88.95 stops $99.23/97.47/92.72
Long 1 unit US Gasoline Fund ticker UGA @ $60.35 stop at $62.54
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at $41.91
Long 1 unit Ultrashort S&P ticker SDS @ $57.20 stop $61.57
Long 2 units Hecla Mining ticker HL @ $8.50 stop at $7.16
Long 2 units Kinross Gold ticker KGC @ $18.93 stop at $17.56
Long 2 units Market Vector Coal ticker KOL @ $56.68 stop at $53.37
Long 1 unit Contango Oil ticker MCF @ $94.00 stop at $90.07
Short 1 units Daimler AG ticker DAI @ $86.20 stop at $70.12
Short 2 units Brinker Int'al ticker EAT @ $20.07 stop at $20.68
Short 2 units Darden ticker DRI @ $36.35 stops at $35.36
Short 2 units Lehman ticker LEH @ $43.70 stop at $28.32
Short 2 units Deutsche Bank ticker DB @ $117.03 stops at $105.26/99.32
Short 1 unit of Visa ticker V @ $86.25 stop at $85.36
Short 1 unit HSBC ticker HBC @ $83.23 stop at $83.52
Short 2 units of Netflix ticker NFLX @ $30.35 stop at $32.34
Short 1 unit of IBM ticker IBM @ $122.80 stop at $127.27

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