Meh. I was so lazy this morning. I could've done better if I had opened my new shorts earlier, but I felt like sleeping in instead. Anyways I'm going short on ZION and MER. If all goes well come Friday morning I should be a very happy man. Looks like buying AAPL Friday was a good call too. Still time to get in though.
Top funds may have lost $4 billion on Freddie, Fannie this week ...........Miller's Legg Mason Capital Management, a unit of Legg Mason, owned 50.2 million Freddie shares as of end-March, which was up 71 percent from end-December, Reuters data showed. He is the only manager to have beaten the S&P 500 index for 15 straight years till 2006 through the $12.2 billion Value Trust fund, but performance has been poor subsequently. The Value Trust itself owned 16.9 million Freddie shares as of end-March, the data showed. The fund, which has several financial sector holdings, was down 4.4 percent in July through Thursday's close against the S&P 500's negative 2 percent return, according to Lipper data. It was down 31.8 percent in 2008 through Thursday's close compared with the 13.7 percent negative returns of the S&P index. Legg's equity products, including Miller's funds, had seen combined outflows of $27.6 billion for the quarters ended December 31 and March 31. "I would expect it (outflows) to continue given the bad performance over the last week," said Morningstar's Carlson. Reflecting the concerns, Legg Mason shares closed down 7.9 percent at $33.49 on Friday. AllianceBernstein shares closed 4.2 percent lower at $46.18. .... It appears that Miller didn't have any process in place to make him reexamine his decision making methods.
I expect it to swing as low as $10, but target price is $15ish. Earnings announcement is Thursday afternoon, and things generally aren't looking good for them, and I'm pretty sure they're on the FDIC's danger list. In general the regionals seem to be the ones in the most trouble right now.
Just an idea to throw out there, just went pretty heavy on TDW early last week around 57.25...everything I looked at pointed to a pretty good long hold. With Bush pushing to lift the offshore drilling ban I'd imagine that can only help their business. Anybody know anything more about them?
not sure how much buying power you have but if you can get the zion's preferred offering short when it starts trading then i would go after that. zb-c will be the symbol. it should only be trading at the call price of $25 when it IPOs. http://www.quantumonline.com/pfdtable.cfm?Type=PfdStocks&SortColumn=IPODate&Sortorder=DESC go there and it is sorted by ipo date for traditional preferred stock offerings. look at those recent ipos and you will get the idea pretty quickly. i dunno what happened today in the debt market but some really high quality names like JPM, DB, and WFC preferred debt got slaughtered today. it may have been forced selling or some other underlying thing that i have no clue about. either way the preferred market is not strong right now.
Bah, r****ded tech selloff today for good reason. Thanks Icahn. /still hanging on to AAPL long term. That's the plan, for now. Hard to argue with 1 million iPhone sales over the weekend *despite* this ridiculous economy.
short some preferreds going into the day and caught the bottom on them for the move up. it looks like forced selling. up a little over a 100
Nicely done. So much for the commodities bull market? Massive oil selloff, and corn has been crashing badly for two weeks now. The whole thing just never made sense to me -- how commodities could continue to rise at the rate they were while the market continued its incredible slide. Something has to give at some point, or we're all screwed big time. I just hope we're close to a bottom, because if banks continue to bleed indefinitely then Benny boy's gonna have to do the unthinkable and lower rates again ... and then here comes REAL inflation.
yeah i would like to put a trade on the fertilizer guys for a long term (9+months) but i can't figure it out a way to do it. puts are extremely expensive and i don't want to just sit short the common stocks. these guys look exactly like the casinos a few months back (lvs, wynn, mgm and so on)
What advice would you give a beginner on getting started? What are ways to get the biggest ROI? How do you get your outlook on the market? Im looking into oil and energy....but not sure where to start or what companies to look at.
I've got an advise for you: dont invest until this economy recovers. Put your money in a money market account.
