iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,434 Blog Posts

Wait and See; Panic and Hedge

ALJ is getting smashed due to the locale of their Louisiana refinery. An old saying comes to mind “be careful for what you ask for,” with regards to my earlier clamoring for flood waters to rise. At any rate, unless this flood completely wipes out their refinery, in my opinion, this is a buying opportunity. Therefore, I added to my position.

To hedge the drop in sentiment, I bought ERY, all done in my personal. Additionally, I sold out of EXK and TER, only for personal. The reason why I am doing this is because I am super charged leveraged in these names and cannot sustain large percentage drops. With WNR and ALJ dropping off the table this morning, I needed to do something to stem the losses.

For managed accounts, I am sort of riding this shit out, as for now. I want to see how the market responds to a bit of adversity before I make wholesale changes. As the Gods would have it, my cash position is incredibly low now, just under 7%. So, I am feeling the full force of this decline—at the moment.

More later.

NOTE: It looks like yesterday’s Hybrid Overbought signal was right on target.

If you enjoy the content at iBankCoin, please follow us on Twitter

26 comments

  1. Jakegint

    You are blogging like the wind, Monsieur le Docteur!

    ____

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. mick

    alj buying opportunity was a couple days ago under 11

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. MrBuzz

    Fly, careful man. Hedge it with some 3x ETF bear product. Commodities are going south. Crude did a 50% retrace and has decided to turn south.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. Kwame Brown

    Rajaratnam just got rocked. Peace out fool.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • Cascadian

      Dude will be flying away soon if the judge lets him go on bail.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  5. Mike

    cracks down 10%….

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. JakeGint

    Another thing to keep an eye on… The buck is your luck.

    ________

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. Bill Johnson

    Fly you tha man. Crack spreads have all decreased in June for the last few years, you think that trend will continue? ie is your play that we get out of the refineries end of May?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. drummerboy

    everyday wnr gets more recognized by the news sources to the tune 100%,50%,75% respectively, day over day. from last friday, till now. the options chains for the next 3 months looks good up to 22.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  9. carnahan

    Someone is stepping on my WNR

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  10. razorsedge

    cme halts trading oil, limmit down,,,damn it

    • 0
    • 0
    • 0 Deem this to be "Fake News"