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
23,464 Blog Posts

Hard Stops

I took a big loss on OSG this morning. I did it because the stock sucks at a time when everything is running higher. Additionally, I took profits on ANR, effectively equating to a wash between the two sales from a p and l standpoint. It’s a shame to have a 30% winner in ANR reduced to nothing, all thanks to this fucking OSG. It makes no sense to lament over it, so it’s time to move on.

Speaking of losers, I sold out of ULTA, a small position of mine, for a wonderful 6% ding.

I doubled down in my FFIV and APKT positions, in order to defend my positions and reduce my cost basis.

Lastly, I bought a mammoth amount of CLF, essentially swapping one coal train for another. CLF is not as psychotic as ANR and offers a bigger institutional investor base.

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8 comments

  1. OG

    OSG just horrible. Ugh.

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  2. Fly Leech

    WTF is causing the panic in OSG??

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  3. Sir Robert Hooke

    Pity about OSG. I find these little stocks very difficult to trade.

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  4. The Fly

    no idea. I sold out and it continued lower. I don’t like the way it’s trading, totally devoid of news–just down draft.

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  5. joe

    From Deutsche Bank Research Note 10/15/12:

    Last week, Debtwire reported that one or more syndicate members of OSG’s current $1.5 billion unsecured revolver may be looking to sell their participation interests. The offer is reportedly priced in the 80’s and we would expect the likely buyer would be a hedge fund or existing lender. The entrance of a hedge fund into the lender group could further complicate lender negotiations in a bank group that consists of traditional ship lenders. We would also highlight high put option activity in OSG on Friday, with over 20,000 put options trading at $4 strike price with a January 2013 expiry.

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  6. bloop

    Here’s an interesting debate… Knowing that the country will face HUGE fiscal problems next election, would you rather vote for the party you support and think can best fix it, or the party you oppose so in the eyes of the American people they take the blame?

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    • 'merica

      At least we can look forward to blaming 0bama when he wins.

      But in reality, any economic calamity would still get blamed on Bush because libs are cowards.

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