Okay, now pay attention this time.
I am selling half of my [[RKH]] and [[UYG]] positions here, at $102.88 and $21.10. And, I am selling out my entire Lehman Brothers Holdings Inc. [[LEH]] position.
It was fun while it lasted.
I will sell the entirety of my RKH-UYG positions by the end of the day.
With the proceeds, I will likely hold cash or start nibbling at [[SKF]] or short Legg Mason, Inc. [[LM]].
Check that Update: I am buying Western Refining, Inc. [[WNR]] , [[DIG]] in size.
UPDATE: I am 100% out of my bank longs, selling RKH @ $103.05 and UYG @ $21.22. However, I will hold my Wachovia Corporation [[WB]] forever.
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Good timing. skf buy orders in some here and $115 $106.
Anirvan Banerji
Headfakes
8/28/2008 2:28 PM EDT
David, this morning’s upward GDP revision certainly does not show that the “looming recession” angle was overplayed — on the contrary, the GDP data is the real headfake. Remember, Q2 GDP got a temporary boost from the tax rebates, which are over. Another major factor was the boost from exports, which is set to largely disappear as overseas growth falls apart. Of course, the new data showed a smaller decline in inventories, suggesting that there is less impetus for any inventory rebuild in the current quarter. There is way too much attention paid to the false definition that claims that a recession is technically “two down quarters of GDP” (in which case we didn’t have a recession in 2001 despite the loss of nearly 3 million jobs and half the value of the Nasdaq). Most importantly, we should be judging the economic outlook based on forward-loking indicators, which are worsening, not improving. Given these realities, why should you change your views based on a backward look at a headfake?
The fantasy football draft is tonight for all you with dementia.
almost forgot, thanks Kiwin.
Senor Fly. It pains me to see you humbled in front of your mush brained, goat loving peers. Gustav is a wetdream only. Oil will decline, and your pesos will also. Danny is a MAN in this market. Adios.
Bunch of oil haters. You don’t see the symmetry?
Geez, Fly.
You bail on the US financial system and you don’t even wait to find out who my VP is going to be!
(P.S. It just might be Bill Miller..)
Fly, any opinion on the fertilizers here?
I have some TSO & WNR to go with CHK, XTO, CLR & MDR already.
Thanks, #8
Oil has a slippery downward slope ahead….better hope for a level 5
Quick Note to “the Bruce” —
Wanted to thank you for posting those Minyanville snippets, they are very helpful to my lazy, behind the curve ass.
Jake.
_
Ok that is some pimp shit – ova the last week. Nice.
FYI:
Latest EURO has Hannah hitting NOLA as a Cat 3 8 days after Gustav hits NOLA as a Cat 3.
Trade accordingly….
Fly,
What is it about WNR that you like. price to sales and price to book make this company look cheap. yoy rev growth is strong too.
Is it a fundimentals? Or simply a trade
I like it for the inverse head & shoulders.