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.
8 Responses to Hard Stops
OSG just horrible. Ugh.
WTF is causing the panic in OSG??
Pity about OSG. I find these little stocks very difficult to trade.
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.
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.
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?
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.
man, I got sucked into political talks again… my bad