I realize I have been unceremoniously stopped out of some positions of late which can reek havoc on one's Psyche. That said I expect to get short the financials and the reits yet once again as the facts have not changed. Make no mistake about this as the underlying facts are our supportive ally in this battle.
Did you catch the interview on the pom pom network with the a cat named Nolan who is the CEO of now bankrupt General Growth Properties (GGP) this morning.
Nolan claims that their "business model is sound". Yup $27 billion in debt, cannot pay the interest on said debt, and cannot find anymore suckers (re: pension mgrs) to borrow more from to pay the interest on said debt. (GM anyone ?)
Yup, sure sounds like a sound business model to me but then again I didn't attend Harvard's MBA program so what the heck would I know. This business plan sounds exactly like something Bob Rubin, Larry Summers or Tax Cheat Geithner would absolutely adore. One they could really put into action....hey wait a minute didn't they already.... oh never mind !
For those who haven't been watching this 'saga' GGP should have been in bankruptcy weeks or months ago as they have been in default for some time yet everyone was standing around using the "hope and pray" method for the situation.
Yes if we just don't open the statement or ignore the obvious it will go away. Like the little child at bedtime who thinks hiding under the covers will make the monsters go away. Yes our captains of finance and capitalism in their Alan Greenspan/Ben Bernanke pyjamas hoping and praying. Perfect !
I was stopped out of my SRS position yesterday at $32.40 for a loss of almost 1 pt on 1 unit.
I was also stopped out of my SKF position yesterday at $63.15 for a loss of just over 4 1/2 pts on 1 unit.
This morning I was stopped out of my QID position at $40.90 for a loss of almost 1 3/4 pts on 1 unit..
Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".
Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06