I had high hopes for MGM, particularly after they raised $1.4 billion in their IPO of the Macau properties. However, I cannot risk another slowdown with that company. The $1.4 billion, if accompanied by a slowdown, is insufficient to get the group through 2013.
Their revenue is too precious, given their repayment schedule.
I have held that position, almost uninterrupted, in some form since the $9 range. But it was time to let it go. If this whole thing blows over, I will consider repurchasing shares. But I need to see where things are going first.
I also scaled back BG, as it was far too heavy in my portfolio.
My cash position is now 30%, before reserves from short sales. I would guess I’m roughly 50/50 long to short.
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Increased my short in UCO for $42.75.
UCO and ERX are now the same size by dollar allocation.
CLP looking swell throughout the recent turmoil.
AEC also.
I am very confident in the rest of my positions to hold up. MGM was something of a black sheep.
God damnit are the Republicans stupid. This is painful to watch, for me.
They are at the point where they can get everything they want just by reneging on a campaign promise, yet are too stuborn to do it. Holy shit, just stick the oil companies, then after oil goes up in price and people blame Congress, introduce an amendment putting that part back.
Hey, raise taxes an insignificant amount and finally get to nail entitlements. No, no, can’t do that, we need to paint ourselves as an impedement to the country’s well being.
Dumbasses…