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
23,443 Blog Posts

A Continuation of an Olde Thesis

I am an aggressive buyer of ALJ down here, more than 20% off its highs. It is the last refiner standing that hasn’t run the fuck higher, amidst outrageously high crack spreads. Fact: airlines and refiners cannot run at the same time, just like TLT and SPY can’t continue to play nice.

Having said that, TLT is easing off the highs and the market is honey badgering its way through the grease.

I like my chances with ALJ, considering the fact that the refinery sector is under serious accumulation by hedge funds and mutual funds alike.

All of my other positions are fairing nicely; but I am effectively flat on the day thanks to my large cash position. I intend to take it down from 40% to 20% over the next few business days (as if there was any other form of day).

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17 comments

  1. Heisenberg

    still got those FB shares?

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  2. yankeedog

    Per Bloomberg; Tom Demark calling bond top.

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    • drbigboss

      thanks yankee, that guy is certified genius. best price action analyst of our time imo.

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    • Donkey Arbitrageur
      Donkey Arbitrageur

      1.45 may be the short term floor for yields but calling the top here is ridiculous even in the medium term.

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  3. republikat

    Check out the refiner: Holly Frontier Corporation ~ HFC.

    – Solid scores in PPT
    – Sexy cup and handle formation – And they announced a $350 million buyback on 6-28-2012.

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  4. jack d

    Deisel refiners have gassed up the OPEC.

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  5. jack d

    Divest in battery tech immediately.

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  6. ALL PROz

    Curious call on ALJ before the close. FLY pumping his stock purchase from earlier today? A mere $25,000 could pop and drop this bad boy.

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  7. discoordinated

    The materials trade still seems like it is arriving. I will jump ship quick if it doesn’t materialize, but why not?

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  8. Chris C

    Who had an account at Olde Discount Brokers back in the day? I did.

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    • TraderCaddy

      I had Lombard in early 90’s-they were the first online broker and after that went to Brown & Co. I used Prodigy to connnect to Lombard.
      It beat the CompuServe modem speed by 5 minutes. It took Prodigy only 8 minutes to load a page (if no color).

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  9. Whaler31

    Bernanke has a gift for le Fly.

    He wrapped it all nice and speshul.

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  10. CalgaryG

    ……Faring nicely…….

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