Tuesday, April 28, 2009

The TLT's and Warren Christopher


Daily chart on the TLT is above. The rub here is a couple of things. First, everybody and their brother is bearish on the long bond which gives me pause and second is that volume seems to be missing in action.

To poach a line from one of this fantastic country's most useless former Secretarys of State, Warren Christopher, "I urge caution".


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 1 unit Ultrashort S&P 500 ticker SDS @ $66.25 stop @ $63.29
Short 1 unit Darden ticker DRI @ $38.50 stop @ $40.21

Short Darden - DRI

I posted the above chart on Darden, ticker DRI, on March 3oth, with my notes indicating the potential for a measured bull move with $40 as a potential target. I bring this up not to toot my horn, because I did not play it long, but rather as a short candidate once again.

The daily chart of Darden shows the measured bull move to have played out overshooting its target by a point. The Meas. bull move has formed nicely inside the confines of a larger channel. It would seem appropriate to test the water short once again which I shall do shorting 1 unit of DRI here at $38.60 with a stop at $40.21.



Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 1 unit Ultrashort S&P 500 ticker SDS @ $66.25 stop @ $63.29
Short 1 unit Darden ticker DRI @ $38.50 stop @ $40.21

Long SDS

I am prepared to dip a toe into the water here shorting the S&P 500 via getting long 1 unit of SDS here at $66.15 with a stop at $63.29



Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 1 unit Ultrashort S&P 500 ticker SDS @ $66.25 stop @ $63.29

Shock and Awe All Right

General Motors

For those that have been watching the GM coma situation the news announced yesterday was, to quote Larry Kudlow, a piece of shock and awe all right.

For those that have been watching this at arms length I thought some of the more important details might be of interest to you. The unsecured bondholders of GM, both public and private, by this I mean, your neighbour your pension plan, most probably that bond fund in your IRA and 401k plan etc., hold $27 billion of GM bonds.

Next up we have the union which holds $20 billion of these same type of unsecured bonds.

The bondholders of that first group, (public and private) are slated to receive 10% of the New GM company and little to no cash. The union is slated to receive $10 billion in cash and 39% of the new GM company.

Regular readers know that I never went to Harvard, or any other 'tuition extorter' of brainwashed parents and students, but I am financially literate enough to know a heist when I see it.

One entity has $7 billion less of an equal position yet is getting a 29% larger stake in the new company in addition to $10 billion in cash. This must be the same kind of math used by the Wall St. MBA's at Lehman, Goldman, Merrill et al., when they pooled garbage mortgages and turned them into gold plated securities via Moodys.

Remember that cartoon where the characters were divying up the loot?
One for you, one for me.
Two for you, one, two for me.
Three for you, one, two, three for me.

Just in case I lost you, the character in the cartoon (re:banker) is giving you 3 pieces while he now has 6 pieces. Damit I knew I should have taken the Wall St. math elective instead of geology for non-geology majors (rocks for jocks).

Either way, this does not compute with my simpleton math so I would welcome any and all Harvard, or any other Ivy league grad for that matter, to enlighten me. I will be open minded and courteous to you and your arguments. I just need help understanding this but please make sure they include some logic.

Oh yeah, I almost forgot to mention that GM is planning to eliminate 21,000 jobs. No that is not a typo. Just keep this in mind the next time CNBC attempts to jam 'green shoots' and 'mustard seeds' down your throat.

Bank of America

Nice to know Joe Kernan is intellectually capable of figuring out that what Ken Lewis did to BOA shareholders is criminal. Or at least he needed to watch Larry Kudlow's show to hear him say it to finally figure it out. Is there an market/financial IQ test required to be an anchor on CNBC or is just a portfolio of glamour shots all that is required? Just wondering.

Stress test leaks are now indicating that Bank of America and Citigroup need to raise more capital. Too funny. I thought they were not going to be allowed to fail. Here is what I do as Ken Lewis CEO of Bank America.

First up, I hole myself up in Panama or Paraguay with ex-military security, most probably right next door to Hank Paulson as they might be able to go dutch on some duplicate security expenses.

Next up, I would tell Bernanke and the sock puppet boy Geithner, to stick their head where the sun doesn't shine telling them "Bank America is the largest deposit institution in the nation and is too big to fail so we are doing nothing".

Then, I would also counsel existing shareholders that they will be diluted into oblivion if this happens and just in case they are somehow misinformed otherwise, I would tell them that if they let this happen, American Idol will be taken off the air.

Then I would start circulating memo's to congressman Ron Paul and NY state Attorney General Andrew Cuomo revealing where all the bodies are buried. This could all become the start of Dog Day Afternoon, part 2, so to speak. Oh yeah, can't forget the sword for seppuku as icing on the cake.


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

None

Monday, April 27, 2009

A Few Items

There is no shortage of news items on a daily basis but it is quite interesting to see what is grabbed and run with by the media shills on TV as good news. I question the bullishness that has become more and more pervasive the higher this market has climbed. Is it hope based on rational fact? Or is it hope based on, 'gosh it just cannot get any worse now can it?'

I hear the market pundits tell us the market is cheap on a valuation basis, the standard one being P/E (price to earnings). "Okay, which E are you using", I think to myself, "reported or operating?" For as we all should know, reported are the "real" earnings as the operating earnings omit all the bad stuff. you know likek losses and charge offs.

For those that may not know already and for those that more than likely would prefer to not know, this market is trading at a p/e based on reported earnings of just over 30. Not what I would call cheap but then again the short bus equity crowd thought Cisco was cheap back in 1999 but what does that matter, right?

I remember back in that same year a senior, million dollar round table advisor (too funny?) from Merrill Lynch, enlightening me as to the virtues of how cheap CSCO was as it was trading at only 14 times 2002's earnings.

You must remember that the boyz do not want you on board for the next leg down. Just as the tech bubble was widely recognized as a bubble, very few, at least among those who were not letting losses run like a heroin addict, were on board as it rolled over and fell off a cliff.

I am still of the belief , based on facts and precedent not just wishful dreaming, that this second massive leg down will absolutely crush the "professionals" just as it did in 1930 as all the "smart money" got in betting that 1) the worst was over, 2) it couldn't get any worse, and this is the one I love, 3) valuations were at generational historic lows.

You want a primer on what is happening right now, you need to rent the movie "Boiler Room" and just replace the names of some of the junk peddled there with the names atop your Wall St. Journal. The boyz on Wall St. have a lot of stock to unload and this takes time (how much time only God knows), but it also takes a market in which to accomplish this. True students of the market know that, when you have size, you need to buy first to be able to sell.

Have you noticed that lack of, and I know this is a relative term, quality names leading this rally? Have you noticed the suspect volume on many of the 'breakouts?'
Have you noticed the local cocktail party is a little more upbeat?
Have you noticed your broker calling you, (finally!) to let you know the party has started again and you're missing the boat?


I say all this, not as a sour bear who is just mad at his losses for they have been taken and are forgotten, but as someone who sees no relief for this market on that which is the foundation of its problems, the employment front, the real estate front, and the credit front. These items are THE ISSUE PERIOD !! Bob Pisani and Money Honey Maria can breathlessly spin any piece of bad news any way they want the underlying facts remain the same.

To those who have traded this on the long side I offer my utmost congratulations as you have earned it. I offer this knowing full well the amount of sleep I absolutely KNOW I would have lost lugging long positions around in this market environment.


A couple of items worthy of note is that we seem to have insiders unloading stock in droves yet this is not significant compared to the green shoots? We also seem to be seeing a significant shift is sentiment to the bullish side. For what it's worth.

My apologies for not posting on Friday as I was away from the computer most of Friday enjoying some excellent weather that mid Michigan had to offer and which, if you know Michigan, can change quite quickly if you simply give it 15minutes.

Housekeeping notes;

I was stopped out of the following positions on Friday;

2 units of SRS at $25.20 for a loss of almost 3 pts on 2 units.
2 unit of SDS at $66.28 for a loss of just over 2 1/4 pts on 2 units.
1 unit of QID at $38.62 for a loss of almost 2 1/2 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".

Open Positions:

None

Thursday, April 23, 2009

Adding more SDS

I am now adding a 2nd unit long of my Ultrashort S&P500 position, ticker SDS, here at $68.75 and will leave my stop alone for now.


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 2 units Ultrashort Real Estate ticker SRS @ $28.10 stop @ $25.24
Long 2 units Ultrashort S&P 500 ticker SDS @ $68.50 stop @ $66.28
Long 1 unit Ultrashort QQQ ticker QID @ $40.70 stop @ $38.64

Charts IYR and SRS

Dow Jones real estate i-shares ticker IYR, 60 day - 60 minute view (chart above).


The Ultarshort Real Estate ticker SRS, 60 day - 60 minute view (chart above).


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 2 units Ultrashort Real Estate ticker SRS @ $28.10 stop @ $25.24
Long 1 unit Ultrashort S&P500 ticker SDS @ $68.15 stop @ $66.28
Long 1 unit Ultrshort QQQ ticker QID @ $ 40.70 stop @ $38.64

Adding more SRS


I like what is developing on the SRS front and am prepared to add a 2nd unit long to my SRS position here at $29.00

Chart to follow.


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 2 units Ultrashort Real Estate ticker SRS @ $28.10 stop @ $25.24
Long 1 unit Ultrashort S&P500 ticker SDS @ $68.15 stop @ $66.28
Long 1 unit Ultrshort QQQ ticker QID @ $ 40.70 stop @ $38.64

Charts SPY and QQQQ

The Spiders ticker SPY (daily chart above) had an interesting day yesterday on some volume. It does look like the game playing by the boyz is coming to an end as hope will once again turn to panic.

The QQQ's (daily chart above) had a similar development with some volume as well. I expect the Q's to the lower end of this channel in due time. A move back inside the upper bound, in particular a move below $32 would be a welcome development.




Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Long 1 unit Ultrashort S&P500 ticker SDS @ $68.15 stop @ $66.28
Long 1 unit Ultrshort QQQ ticker QID @ $ 40.70 stop @ $38.64

Long SDS and QID again.

I am getting long 1 unit of the Ultrashort S&P 500 ticker SDS here at $68.05 with a stop at

I am getting long 1 unit of the Ultrashort QQQ ticker QID here at $40.60 with a stop at $38.64

Charts coming pronto.


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Long 1 unit Ultrashort S&P500 ticker SDS @ $68.15 stop @ $66.28
Long 1 unit Ultrshort QQQ ticker QID @ $ 40.70 stop @ $38.64

Economic Treason

Lots of chatter this morning about Bank of America chief Ken Lewis and his statements that he was pressured by Fed Chair Bernanke and then Treasury Secretary Paulson to keep slient regarding trouble at Merrill Lynch which if made public would make the crisis spread.

I truly wish I was making this up or this was a gag being played by some college newspaper editors but tragically it is not. I am telling you here and now this is an act of economic treason against the nation.

I realize the majority of the sheep on capitol hill have no clue what this means and its ramifications but I can assure you this is an unmitigated disaster. Those sheep we send to Washington too busy lining their own pockets, gathering political donations from lobbyists and special interests. Too busy grovelling before Mssrs. Bernanke his ilk during committee appearances with lines like "we thank you for you appearance before this committee" or "you've been doing yeoman's work on this difficult situation".

Instead of a more appropriate line such as, "you bet your sorry ass is up here before this committee for good reason and you better get me the information I requested. The people elected me to come here to tell you what to do not the other way around. You seem confused with the concept of dog and tail and which wags which. You will provide all documents requested or your life will become a miserable hell, I guarantee it".

You think that might get his attention?

Lets just see how much back bone resides up in Washington over this issue of Bank America and Merrill Lynch.

Ahhhh what does it all matter anyway. The fact remains that most people are more familiar with Simon Cowell than Henry Paulson. Again I don't know whether to laugh or cry at this state of affairs but either way a very hefty price will be paid for this ignorance/apathy.

The UPS earnings results were a disaster, this after the bar had been lowered almost to the ground and yet almost on cue these shameful, unconscionable shills on pompom TV have no reservations in spinning it positive for the sheep, errr, I mean public. It is absolutely revolting, yet the zombies out there continue to listen.

Apple beat the lowered bar and it is heralded as the bell as all is well. Time will tell boys and girls but the fact remains the street likes what it sees. We shall see for how long though.

Jobless claim are up once again but why let facts get in the way of a good spin job with the official unemployment rate now at 8.5%. Now if you really believe the unemployment rate is 8.5% then you most likely believed sub prime was contained, the economy was resilient, read my lips...no new taxes, I never inhaled.... blah blah blah.

I received an email from a reader asking about getting continually stopped out of this market. We must take small losses all the while being patient. We are in a distribution pattern now with the pros distributing stock to the public. When we roll over very few shorts will be on board for the ride having been burned too often to come back for more. Simply this is the game they play.

Housekeeping notes;

What can I say about the da boyz except I harbor no hard feelings as they can whip me as much as they like I refuse to whine.

Yesterday I was stopped out of the following positions;

SKF at $58.40 for a loss of about 4 1/2 pts on 1 unit.
AZO at $167.15 for a loss of just over 3 pts on 1 unit.
AMZN at $80.35 for a loss of almost 2 1/2 pts on 1 unit.
GS at $121.95 for a loss of almost 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".


Open Positions:
Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24

Wednesday, April 22, 2009

Some Random Thoughts



Tyler Durden over at his awesome blog Zero Hedge had an excellent post yesterday regarding Vornado's secondary equity offering. I was overwhelmed with some other items so am very grateful for him bringing it to my attention.
Please click the above link and read Tyler's observations.

Now take a look at the tape from yesterday on Vornado, ticker VNO, which is a real estate investment trust. Have a look at the 2 day 2 minute chart (above) and decide for yourself. Now I am not short Vornado but I am short real estate via my long in SRS.

What do you think?

Well, what I think is that even a nit wit, in the bag, grovelling eunuch like former SEC puppet Chris Cox might even have a clue something might be amiss here.

The point here is that this type of shit has been going on for a long time on Wall St. Readers who read this blog are sometimes bewildered at my harsh criticism of the arena of my former employ (Wall St.).

In particular they are often bewildered by comments I have used like "when cannibals turn one another" or "it couldn't be happening to a nicer bunch of people". You decide for yourself. When you hear a voice on CNBC or Bloomberg say the Wall St. model is broken and is finished you don't know the half of it.

I am sure that when Rome was in its last days many were looting with reckless abandon as they saw that the gig was up and there was no time to waste. I believe Wall St. is in a similar situation.


To which I respond, this is not he Wall St. the grandfather worked for. Men like Charlie Merrill, though not perfect, would be rolling in their graves. Men like that never intentionally set out to separate you from you money yet this is exactly what Wall St. has become. Maybe we should thank some of my favourite institutions like Harvard. You think they teach a financial ethics class there?

I did not have a chance to catch the pompom networks (with Scott Cohen) hard hitting interview with Sir Allan Stanford yesterday as I was too busy watching some paint dry. The question I do have is, and this relates back to the hard hitting interview that CNBC empty suit Carl Quintanilla had with the distinguished SIR back in the SIR's heyday, in which Carl asked the SIR the intellectually challenging question " what's it like being a billionaire". Ah Carl, I can see that Pulitzer coming your way now.

Did Scott Cohn of CNBC asked Sir Allan what it was like NOT being a billionaire? Just curious.

Quite a bit of news out this morning with the shocker being the story that the acting CFO and 16 year veteran of Freddie Mac David Kellerman has apparently committed suicide.

I did a quick check on Freddie Mac's website on Mr. Kellerman and observed that prior to being CFO Mr. Kellerman "
served as the senior vice president and business area controller. As business area controller, he led the organization responsible for all accounting and finance for Freddie Mac’s lines of business."

I do not want to pile on but given his position with the company and it accounting shenanigans over the years I cannot help but wonder if this was an act of seppuku on his part if it was in fact suicide. A heavy conscience can be quite the burden.


Morgan Stanley numbers came out this morning. Yup, chopping the dividend to the bone but they have plenty of money to pay back the TARP.


Housekeeping notes;

Late yesterday I was stopped out of the bargain basement teen clothing retailer know as Aeropostale ticker ARO at $31.42 for a loss of just over 1.5 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".


Open Positions:
Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Long 1 unit Ultrashort Financials ticker SKF @ $62.90 stop @ $58.46
Short 1 unit Autozone ticker AZO @ 164.05 stop @ $167.11
Short 1 unit Amazon ticker AMZN @ $78.70 stop @ $80.31
Short 1 unit Goldman Sachs ticker GS @ $118.35 stop @ $121.86

Tuesday, April 21, 2009

Short Financials


I am using the rally today in the financials to short them. I shall do so via 1 unit of the Ultrashort Financials, ticker SKF, here at $62.80 with a stop at $58.46


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:
Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Long 1 unit Ultrashort Financials ticker SKF @ $62.90 stop @ $58.46
Short 1 unit Autozone ticker AZO @ 164.05 stop @ $167.11
Short 1 unit Amazon ticker AMZN @ $78.70 stop @ $80.31
Short 1 unit Aeropostale ticker ARO @ $29.85 stop @ $31.41
Short 1 unit Goldman Sachs ticker GS @ $118.35 stop @ $121.86

Short Goldman Sachs... yes, that Goldman Sachs



Back in school I used to pride myself on being a major contributor to the bell curve. The one who kept the others in line statistically, if you know what I mean. That said, know that I am fully aware that Goldman Sachs is the best of breed, I am fully aware that Goldman is the smartest and the brightest. I also know Goldman is a cess pool of business maggots that even a hardened exterminator would be repulsed by. You can examine any central banking roster, treasury department, or bank or broker to find them.

You can also enter a boardroom with AIG's fate hanging in the balance and find GS's CEO (Blankfein) sitting in the meeting. What would a Goldman CEO be doing in a meeting like that? Did I mention GS's had about 12 billion in exposure or in Blankfein's words, "immaterial exposure". Did I mention the cat appointed to run AIG was ex-Goldman. Did I mention the sitting treasury secretary at the time, Paulson, was ex-Goldman.

I have no problem with the best and the brightest. Many hate Duke basketball simply because they win. Well for me that is not enough as Coach K does it the right way. I get my hackles up, I get infuriated when it is done the WRONG WAY, and then the cheerleaders of Goldman refuse to admit what the dimmest among us can figure out.


All this personal baggage of mine aside I am getting short 1 unit of Goldman Sachs here at $118.45 with a stop at $121.86

Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:
Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Short 1 unit Autozone ticker AZO @ 164.05 stop @ $167.11
Short 1 unit Amazon ticker AMZN @ $78.70 stop @ $80.31
Short 1 unit Aeropostale ticker ARO @ $29.85 stop @ $31.41
Short 1 unit Goldman Sachs ticker GS @ $118.35 stop @ $121.86

Now Short Aeropostale - ARO



I am prepared to get involved with Aeropostale, ticker ARO, on the short side. We seem to be bumping up against this well defined channel on the daily chart (above) that has reinvigorated the bulls and crushed the bears.

I am getting short 1 unit of this purveyor of overpriced teenager garb here at $29.95 with a stop at $31.41

Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:
Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Short 1 unit Autozone ticker AZO @ 164.05 stop @ $167.11
Short 1 unit Amazon ticker AMZN @ $78.70 stop @ $80.31
Short 1 unit Aeropostale ticker ARO @ $29.85 stop @ $31.41

Short Amazon - AMZN



Amazon, to the delight of AMZN bulls everywhere has had a magnificent run. Is it over and are their stops in place? Now looks like an appropriate time to find out. Hence I am punting short 1 unit of AMZN here at $78.80 with a stop at $80.31


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:
Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Short 1 unit Autozone ticker AZO @ 164.05 stop @ $167.11
Short 1 unit Amazon ticker AMZN @ $78.70 stop @ $80.31

Punting Autozone Short - AZO



The previous pattern, which was a head and shoulders, on Autozone seems to still be in play. I am taking the opportunity this morning to get short 1 unit of Autozone, ticker AZO (chart above) here at $164.15 with a stop at $167.11


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:
Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Short 1 unit Autozone ticker AZO @ 164.05 stop @ $167.11

Monday, April 20, 2009

The Hits Just Keep on Comin'

I want to start off by saying I was having a wonderful morning. Absolutely wonderful till I came to Mish's site. I want to thank him, (though I wish he hadn't), for bringing my attention to the following article in the NY Times by Harvard economics professor Greg Mankiw entitled It May Be Time For The Fed To Go Negative.

Please read the article as it is sheer lunacy plain and simple. Negative interest rates dear reader, negative interest rates !

Regular readers know I have ranted and raved at the abject stupidity emanating from purported institutions of higher thought such as Harvard. I have also been the recipient of much, sour grapes, just jealous as you could never hope to get in Harvard type email in response to said rants.

Well I should thank my lucky stars for such good fortune as to not get into 'a Harvard'. I actually feel humiliated for the easy marks who are the parents, those who continue to write tuition cheques to Harvard and their ilk when they have cats on the dole like Mankiw. Believe me, when you put out garbage like the above piece by Mankiw, dole is the only word I could find that might properly describe what collecting a cheque for that type of work is.

Oh yeah, freeloading would suffice too!

Is it any wonder that we are in the sh*%$ can we find ourselves with men like Summers, Geithner and Bernanke at the helm. We could only be so lucky to have Jack the bricklayer or Susie the seamstress who not only runs their own business and are on the front line in the economic trenches, but uses a sharp pencil and paper to calculate his/her figures! More importantly this calculating is done on the basis of sound math, (1+1 does not equal 4 no matter what credit rating it carries) sound thought and recognition of potential consequences rather than self aggrandizement, accolades and chair-ship nominations.

Professor Mankiw, here is a word you might add to your vocabulary.... consequences.


I have often said that books will be written about this era of finance and future generations will marvel at the asininity of our 'leading lights'. These future readers will slump in their reading chairs dejected as they read how professors of Ivy league colleges not only stood by while the debacle was perpetrated front and center but then offered up recommendations that accelerated the ruination !

I have asked where are the adults numerous times, is no one sane left among us? I have been in a quandary as I have vacillated between the following extremes. Either they know what they are doing and are complicit in the theft and pillaging of the system or they are so absolutely stupid and haven't the slightest clue what is happening.

You tell me.

Of this much I am certain. You poor parents who write your cheques to Harvard I say STOP and STOP IMMEDIATELY !

I would humbly suggest you remove your celebrated son or daughter, nephew or niece ASAP. Next up you give them a lump sum cheque for the remainder of their tuition so they can set themselves up in their own business. If they were smart enough to get into Harvard they, and you, are smart enough to come up with a business idea. Now hear this, succeed or fail these "children of the real world" will learn more from this experience than they ever possibly would or could dream of from idiots like Mankiw and his former boss at Harvard one Larry Summers.

Yes, dear Harvard parent, even if the child fails in running this small business he/she will have learned invaluable do's and don'ts of the REAL WORLD. I have a high degree of confidence that the good Professor Mankiw would run a lemonade stand into the ground if left to his own devices and worse would do it over and over again because 'he knows better'.

Not only would he run it into the ground but he would do it coutesy of your money (taxpayer) as he would most certainly take his lender down via his 40X leverage in the default swap arena secured by his nomimal money market cash balances. Nothing to fear as its not insolvency just some illiquidity (right Steve Forbes !) which can always be rectified with low to no interest TARP money from the Fed, ooops sorry taxpayer.

Is anyone besides me getting sick yet ?

Listen, the sooner idiots like Mankiw are out of work and as far away from our children the better we will all be. You want to talk about to catch a predator,how about an economic predator!! Actually Professor Mankiw could be a wonderful covert CIA operative. He could be strategically planted inside the upper echelons of finance of one of our enemies where he could spew his garbage and wreak havoc and mayhem amongst their populace and economy! yes, that's it !

Tom Clancy couldn't write it up any better.



Housekeeping notes;

Late Friday I was stopped out of my SKF position at $57.30 for a loss of just over 2pts 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".


Open Positions:

Long 1 unit of Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24

Thursday, April 16, 2009

Long SKF and SRS yet again !

Crazy is as crazy does or something like that .....

Based on this I am getting long 1 unit of SKF here at $59.25.
I am also getting long 1 unit of SRS here at $26.95

Housekeeping notes;

I was stopped out of EEV position at $30.44 for a loss of about a pt 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".


Open Positions:

Long 1 unit of Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Long1 unit of Ultrashort Financials ticker SKF @ $ 59.35 stop @ $57.38

MSCI Emerging Markets - EEM




I have posted a weekly chart of the MSCI Emerging Markets, ticker EEM, for your viewing pleasure (chart above). The time has come to test the waters short once again which I shall do by punting 2 units long the Ultrashort MSCI Emerging Markets ticker EEV this morning here at $31.35 with a stop below the recent lows.

Housekeeping notes;

I was stopped out of my AZO position at $ 163.10 for a loss of just over 4 1/4 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".


Open Positions:

Long 2 units Ultrashort MSCI Emerg Mkts ticker EEV @ $31.45 stop @ $30.44

Our Business Model is Sound.

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 !



Housekeeping notes;

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".


Open Positions:

Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06

Wednesday, April 15, 2009

Getting Short Nasdaq via QID

Dow Jones real estate ishares ticker IYR (daily chart above).

I have been watching the Q's, the Nasdaq exchange shares, and they look to be at an interesting juncture. The flag formation looks weak (flat lining) and had a very uninspired break above the upper bound recently. It is now threatening to break back below it.

Given this scenario I am getting long 1 unit of the Ultrashort QQQ, ticker QID, here at $42.45 with a stop at $41.44




Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06
Long 1 unit Ultrashort Real Estate ticker SRS @ $35.30 stop @ $32.44
Long 1 unit Ultrashort Financials ticker SKF @ $67.75 stop @ $63.22
Long 1 unit of Ultrashort QQQ ticker QID @ $42.55 stop @ $41.44




Long SRS and SKF Yet Again

I am testing the waters once again with SRS getting long 1 unit here at $35.20 with a stop at $32.44

I am also testing the SKF waters getting long 1 unit here at $67.65 with a stop at $63.22

I will be posting a couple of charts in short order.



Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06
Long 1 unit Ultrashort Real Estate ticker SRS @ $35.30 stop @ $32.44
Long 1 unit Ultrashort Financials ticker SKF @ $67.75 stop @ $63.22

Tuesday, April 14, 2009

Tuesday Morning

My apologies for the thin posting of late as I was out of town this past holiday weekend visiting Las Vegas with some friends and returned late last night.

While in Sin City I had numerous comments with cabby's, whom I believe are excellent sources of economic news and I pepper them with numerous questions. The responses I got were quite interesting. So from the cabby front in Las Vegas....

Consensus was that tips are down, way down. Seems the people are there but they are not spending. When the subject of Kerkorian and City Center was broached the responses varied. Some believed Kirkorian is made of Teflon and will make it, others more cynical that he will not. Not sure if many of you are aware but one of the forefront buildings of the new City Center project is said to be condemned with faulty rebar and that the approx. 25 story tower will be glassed in. Nice. Interesting note on Steve Wynn. When he opened his new hotels Wynn and Encore he invited all the cabby's and drivers for a free compted night stay. Sounds like someone who knows what he doing.


Lots of news and goings on while I was away so I won't rehash what many already know but a couple of items deserve a note.

I read about this tainted drywall from China issue. You're kidding me on this one right. Toxic pet food, then lead paint in toys now this. Cannot make this up.

Mike Morgan and Goldman Sachs. I notice Goldman has taken issue with Mike Morgan and his new web site www.goldmansachs666.com which has some very unflattering things to say about Goldman. I like Mike Morgan. He is a critical thinker with the onions to call a spade a spade no matter who it applies to. He answers only to himself unlike the Dick Boves' of the world and their corporate choke chains.

Why is the best of breed, master of the universe, central banker breeding ground so up in arms of what little of' Mike Morgan has to say? Just something to think about. As a childhood friend of mines father (who was very blunt)used to say... "why worry when someone calls you a bastard if you're not a bastard."

As I have said before if some young independent minded, aggressive journalist, yes I realize finding one would be as likely as finding a unicorn, did some investigative digging, I believe the foundation of a bestselling book lay in wait. The congress and the senate, the SEC have no interest in disturbing the Goldman Sachs hive as it can be dangerous to your career path trajectory.


By the way, can someone tell me what happened to the month of December in Goldman's numbers ? Yet with that backdrop they are doing a secondary into this murky announcement to raise $5billion and further dilute equity holders. I have some theories on this subject but will keep them to myself as I don't want to field any lawyers letters this week !

By the way, see the retail numbers today. Yup, things are getting much better. Keep listening to the Larry Kudlowites !

Housekeeping notes;

On Thursday last week I was stopped out of my SRS position at $36.50 for a loss of just over $2 1/2 pts on 1 unit.

I was also stopped out of my DRI position at $37.52 for a loss of about $2 1/4 pts on 1 unit.

Yesterday while travelling I was stopped out of my SDS position at $66.74 for a loss of just over $2 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".


Open Positions:


Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06

Thursday, April 9, 2009

Punting SRS and SDS Long

I am using the pre-holiday, low volume, Wells Fargo jam job to test the water again here.

Even though I was mercilessly stopped out of SRS this morning at the open I am prepared to re-enter this trade getting long 1 unit of the Ultrashort Real Estate ticker SRS here at $38.95 with a stop at $36.54

I am also going to test the water short on the S&P with the Ultrashort S&P500 ticker SDS here at $68.75 with a stop at $66.74

Housekeeping notes;

I was stopped out of SRS this morning at $39.55 as it gapped down for a loss of almost $4 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".


Open Positions:

Long 1 unit Ultrashort S&P500 ticker SDS @ $68.85 stop @ $66.74
Long 1 unit Ultrashort Real Estate ticker SRS @ $39.05 stop @ $36.54
Short 1 unit Darden ticker DRI @ $35.30 stop @ $37.51
Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06

Wednesday, April 8, 2009

Perception and Confidence.....Really ?

I wanted to write about this issue earlier today when the article linked below came out but backed off because I needed to focus on the charts. But after a brisk hour walk with my perfect dog and thinking on it I changed my mind.

So let me see if I understand this short selling brouhaha correctly. The powers that be don't want to ban short selling, they just want to curb it's abuses cause they are worried about the perception and confidence of our capital markets.

Yet today we got this gem......

"The U.S. Treasury Department is planning to delay the release of any completed bank stress test results until after the first-quarter earnings season to avoid complicating stock market reaction, a source familiar with Treasury's discussions said on Tuesday."


"But officials are worried about how the market will react to the stress test results if there is not a clear recovery path for a bank that is deemed to have a large capital need. The last thing Treasury wants to do is set off a panic, the source said. "


You've got to be kidding me right? This is some short of sick and twisted oxy moronic joke of some type no ?You don't want to release the stress test results of the banks for fear of creating a panic yet you're worried the dastardly short sellers will pile on indiscriminately to the pathologically lying, insolvent corporations and erode investor confidence in the markets?

I am truly left speechless. No need to wonder any longer why lying dirt bags whose lies and misdirections I have chronicled in the blog can get away with what they have and are not behind bars. The government is condoning the behaviour by participating as the lead sled dog.

Just like when King Henry Paulson and Fed Reserve court jester in chief Bernanke told us the economy was resilient and subprime was contained.

Just like when Barney Frank and Chris Dodd told us Fannie and Freddie were well capitalized.
Just like when Alan Schwartz of Bear Stearns and John Thain of Merrill Lynch came on TV and tell us they are well capitalized only to see the former blowup less than 72 hours later and the later raise $8 billions within a week.

I never will get a job interview with NASA but I am bright enough to figure out what is eroding the perception and confidence of our capital markets and it most surely is not short selling.

What on God's green earth is happening to us ??

Please make this all stop !!!

I came across this piece by Peter Boockvar over at Barry Ritholz's site the Big Picture. I have taken the liberty to put them in bullet points for easier reading.
  • Short sellers (SS) didn’t get people to buy homes with no money down,
  • SS didn’t convince people to buy homes with teaser rates,
  • SS didn’t convince people to lie about their income on their mortgage applications,
  • SS didn’t tell banks/brokers to lever up to such huge levels,
  • SS didn’t tell Greenspan to cut rates to 1% and leave it there,
  • SS didn’t invent FNM and FRE,
  • SS didn’t tell the OTS, OCC, FDIC, Fed, SEC, FFIEC, FTC, FHFA and all the state regulators to twiddle their thumbs all day,
  • SS didn’t tell the rating agencies to rate AAA on anything that moved,
  • SS didn’t tell banks to lend to commercial real estate investors on a property where the rent didn’t cover the mortgage payment,
  • SS didn’t tell the average consumer to spend more money than they make and borrow difference.

Short selling is a legitimate form of speculation that fully enhances market liquidity and price discovery.


Here, here Peter. I couldn't have said it better myself though I really wish I had!


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:

Long 1 unit Ultrashort Real Estate ticker SRS @ $44.15 stop @ $41.88
Short 1 unit Darden ticker DRI @ $35.30 stop @ $37.51
Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06

4 Conspicuous Consumption Retailing Charts

First up we have American Eagle Outfitters, ticker AEO with it's daily chart above.

Next up is Aeropostale, ticker ARO with it's daily chart above.


Next up is Abercrombie and Fitch, ticker ANF with a daily chart above.

And lastly we have the Gap, ticker GPS with it's daily chart shown above.As always your comments, questions and criticisms are not only welcome they are encouraged.


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 1 unit Ultrashort Real Estate ticker SRS @ $44.15 stop @ $41.88
Short 1 unit Darden ticker DRI @ $35.30 stop @ $37.51
Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06

Getting Short Autozone - AZO


Autozone, ticker symbol AZO (chart above) has been on a tear lately. We seem to be having an inside day of yesterdays down bar. Please note the bearish engulfing or outside reversal candle on Thursday of last week (April 2) on substantial volume. We look to have run out of steam here on AZO so I am prepared to punt it short here at $158.90 with a stop at $163.06. I am prepared to add to this position on a move below $155.

Wanna to bet that when it does take out $155 it will do so via a sharp run up day before and then gap down and thru as the boyz give rarely make things easy for us.


Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:

Long 1 unit Ultrashort Real Estate ticker SRS @ $44.15 stop @ $41.88
Short 1 unit Darden ticker DRI @ $35.30 stop @ $37.51
Short 1 unit Autozone ticker AZO @ $158.80 stop @ $163.06

Getting Long SRS and Short DRI

I like the daily bar we had yesterday. Volume picked up substantially. We are climbing back up that bar with what looks to be an "inside day". I will use this strength to test the short waters with 1 unit short here at $35.40 with a stop at $37.51

I will happily take the opposite side of the trade of a restaurant stock in a credit and employment bear market. My guess is eating out suffers but that does not mean the short bus riding equity boyz cannot jam this stock up another $20 pts before crushing it.

Like I have said numerous times before and I repeat once again, you want an uptick rule before you can short? Then provide me a cogent explanation why we don't have an CORRESPONDINGLY EQUAL rule needed a down tick rule to go long.

I anxiously await the cogent arguments the bulls certainly are waiting to spring on me.

I am also getting long 1 unit of the Ultrashort Real Estate ticker SRS here at $44.05 if for no other reason than I will not forgive myself for missing this one when the commercial real estate shoe(s) or rather oversize clog falls. Also it my subliminally be a trade I want to do just to spite the slight of handers out there who blame the short ETF's, among many other reasons, for all the markets woes. Mirror avoidance wouldn't you agree?

Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:

Long 1 unit of Ultrashort Real Estate ticker SRS @ $44.15 stop @ $41.88
Short 1 unit Darden ticker DRI @ $35.30 stop @ $37.51

Tuesday, April 7, 2009

Random Thoughts

I am now officially back at my post as yesterday was a little crazy with the Final Four championship last night. As you can imagine being near East Lansing the whole town was experiencing the fever and Ford Field was crazy, up until 3 minutes in when it turned into a morgue basically.

Tough to lay an egg in the biggest night of your career but none the less a stellar season so congratulations to State on a fine season.

I notice the 'rewriting of history' has become quite popular amongst the financial masters of the universe. The Maestro Allan Greenspan has drawn the template for it as he goes on tour lecturing to absolve himself of any and all responsibility for this fiasco.

Today we got another dose with Lloyd Blankfein doing the same. Funny we haven't seen former King Henry Paulson on the circuit as he is probably holed up in the alps of Switzerland or a bunker in Paraguay. Who's next ? Lets see.... Robert Rubin, Franklin Raines, maybe? Take your pick. Just expect the road show to continue. Pathetic. I would have more respect for them if they would just take their tens and hundreds of millions of dirty money they looted and just disappear.

Anyway, last night prior to the game, I ran into a friend in Greektown, which was teaming with fans, who knows what I do for a living and asked what I thought of this rally and when it would end. I didn't want to get into a lengthy disertation on all the reasons or thoughts about the market so I replied, "it will end when it ends, just as it did at the top north of 14,000 on the Dow back in late 2007." His next question was how will we know. My reply was just as brief, "when we start making a series of lower highs and lower lows. "

About 4 minutes into the 2nd half of the game I started pondering my answers to him. I thought were they too simple at first but the more I thought about my answers the more I liked them. It really is that simple. I have quite a few stocks that I am watching in this rally with an eye to getting short as soon as some of these signs I am looking for appear and will be posting some charts on them in short order.

That said, I have been sitting back watching the tape action and listening to the punditry and their commentary, however shallow it may be. I have listened to these purported experts wax at length about how the fix to our problems with the likes of;

  • abolition of mark to market accounting rules
  • restoration of the uptick rule
  • banning short ETF's and other like instruments

The above are just 3 of the more half witted, asinine recommendations spewing from the naive and just plain stupid. Sorry but I just don't know what to call recommendation like the above. Okay how about less than thoughtful. I could go on as there are many more but I hope you get the picture as these have the most vociferous backers. Man kills neighbour with hammer. Recommendation, immediate call to ban hammers. Yes, real cerebral contribution to the discussion. As I have said before, water seeks its own level.

Yes the powers that be and their influencers will fix everything. We just have to let them at it! If you look closely you could conclude that everything the government touches in its attempt to make it more accessible and more affordable turns into an unmitigated disaster resulting in the polar opposite result. You doubt this?

They tried to make home ownership more accessible and affordable to all and we got a housing bubble.

They tried to make elementary level education more accessible and affordable and we rank near the cellar in reading, writing and arithmetic.

They tried to make student loans and college education more accessible and affordable and we got the highest tuition ever seen resulting in the most useless pieces of parchment to show for it.

They tried to make credit more accessible and more affordable and we got the mother of all credit bubbles via their surrogate banks.

They tried to make securities markets safer for the layperson to venture into (think SEC with Chris Cox) and we get Bernie Madoff, Sir Allan Stanford, AIG et al.


Now I am no Nobel prize winning economist who has blown up an Ivy League endowment or pension fund, now residing on the board of a Fortune 500 company, global think tank or Federal Reserve position but what I am is smart enough, no check that, NOT DUMB ENOUGH to........

get caught in the wrong neighbourhood.
play poker at a table where I cannot see the sucker.
give my money to someone with a criminal past.
bank my money with Bank A at 7% when others pay 3%.
give more crack to a crack addict thinking it will cure him.
let the drug dealer run the rehab clinic.

Maybe just maybe we should start soliciting and more importantly taking advice from cats who in the least saw this coming and prepared for it.

I hear your moans and complaints already.

Okay, then explain to me why a banker in Streetsmartville, USA who didn't lend to people who couldn't pay, who didn't lend to people they didn't know, didn't lend to people without investigating their background, who didn't lend to big shots with Canali suits who had none of their own skin in the game, is paying the price, (re: FDIC premiums) while the morons who concocted this have not?

Is the distortion of the natural creative destruction of capitalism lost on all these purported sophisticates? Of course it is not, they know it so well they can recite it by heart but that matters not a whit when your net worth is tied to Citi and B of A or Goldman being made whole. Ahhhh now we start to peel the onion back and get to see the true motivations of the likes of Bob Doll, Geithner, Paulson, Bernanke, Summers not to mention the 3 Amigos over at Pimco.


So to reiterate for the 6 to the exponent 12th time, maybe just maybe the answer to this whole boondoggle is to buy a mirror (remember you need to look in said mirror),swallow hard, and do absolutely nothing. We will get through it contrary to what the shallow, yellow bellied, saviors that be in government tell us. We are better than that and the sooner we understand that the better off we will be for it.


Open Positions:

None

Sunday, April 5, 2009

Onions...... Double Order !!

In my last post I lavished basketball announcer Bill Raftery accolades upon one Charles Bowsher for having the integrity, the moral fortitude and well, just the onions, to stand up (via his resignation in disgust over the suspension of mark to market rules) for what is right or rather, against what is morally wrong.

Well, today I stand up and holler another Bill Raftery March Madness special, "Onions.... double order !" for one William K. Black, author of the book "The Best Way to Rob a Bank is To Own One". His interview by Bill Moyers on PBS is absolutely must viewing and can be seen here.

Please take the time to view it. I beg you. If only there were more who would stand up like these 2 men, Bowsher and Black. We need people like them, IN POSITIONS OF INFLUENCE AND VISIBILITY to save us from the den of vipers and thieves.

I don't know if any of you caught the news, I think it was on Friday, that GM is back lending into the sub prime market via auto loans (re:spur sales). Funny what a business can do when it is not on the hook for the consequences, but rather the taxpayer is. Question, is it really a sale if the person you sell your product to has no chance in hell of paying, ever? Laughable if it all were not so morally bankrupt and tragically sad.

The other news is that the President Obama has announced that the government will stand behind your automobile warranty if any of the manufacturers go bankrupt. Gee, you think there might be just a tad bit of warranty fraud in the upcoming months? I'll take the over on that and spot you quite a cushion on the bet cause you'll need it.

Open Positions:

None

Friday, April 3, 2009

Onions !

I am still swamped with items that need my attention and expect to be posting normally as of next week. Once again my apologies to my readers.

As most know we have suspended mark to market for all intents and purposes. I realize that Barney Frank, Steve Forbes, Larry Kudlow et al are jumping for joy with this news. For those that missed this, of which I am one, I am grateful to Tyler over at Zero Hedge for bringing it to my attention. The "it" of course is his post on the news that the FHLB Chairman Disgusted with FASB Accounting Alchemy, Quits.

Fans of the NCAA college basketball tournament known as March Madness, which by the way concludes this weekend, GO STATE !!. should be very familiar with one of the best basketball announcers in the the biz, Bill Raftery. They should also be familiar with one of Raf's best one liners in which he hollers "onions" when a player makes a big shot or play at a critical juncture in the game. The onions reference is to the players, manhood.

I bring this up because upon reading the news of Mr. Charles Bowsher's resignation I hollered out "ONIONS" in my best Raf imitation.

What does one say or do about the current market machinations other than stand aside and let the party wind its course. I wish all those delusional enough to put faith in this rally as some type of turnaround all the best.

I don't know what else to say when this rally looks by all evidence to be predicated upon hopes, dreams and delusion. Yes I know I saw RIMM's numbers but I also saw the employment numbers or lack thereof. I also see what is transpiring in the commercial real estate arena. I also see what the REIT's are doing namely stock offerings into this rally and PIK's, which is the payment in kind of interest due on bonds with, hey what the heck, more bonds. Since we can't pay the interest in cash since we don't have enough of that but hey this is just a temporarily distressed market right ??!!

Housekeeping notes,


I was stopped out of all my positions yesterday as follows;

2 units SRS at $49.75 for a nominal loss on 2 units.
1 unit EEV at $35.60 for a loss of just over 3 pts on 1 unit.
1 unit FXP at $22.95 for a loss of 2 1/4 pts on 1 unit.
1 unit of MSFT at $19.50 for a loss of just shy of 1/2 pt on 1 unit.

Open Positions:

None

Wednesday, April 1, 2009

Swamped

My apologies as I have been tied up with some pressing items and have not been able to post. I hope to get something out later as there is plenty of worthwhile material, the problem continally being I do not know whether to laugh about it or simply sob.


Open Positions:
Long 2 units Ultrashort Real Estate ticker SRS @ $49.85 stop @ $49.78
Long 1 unit Ultrashort Emerging Mkts ticker EEV @ $38.75 stop @ $36.18
Long 1 unit Ultrashort China 25 ticker FXP @ $25.15 stop @ $23.38
Short 1 unit Microsoft ticker MSFT @ $19.20 stop @ $19.20