This weekend was absolutely calming, and so I’m sorry if I am slow to get back into the fray this week. My lady and I travelled to visit some friends close to the border, where we spent a very tranquil weekend enjoying some drinks and meals.
It was from there that we watched the hurricane come to shore.
I hope you are all alright; our own Cronkite has been missing in action. You notice his missing presence easily; the man was a wrecking ball in the news section, knocking out stories one by one.
Hopefully he’ll find his way back soon.
As to the market, yesterday of course I engaged another short in ERX. It was a small half sized position. My shorts are once again ERX and UCO.
I will be very cautious here. If the newest hurricane forming in the Atlantic Ocean goes awry, I could see those shorts getting hammered despite whatever other advantageous reasoning I can come up with.
It was my desire to cover all of my shorts this weekend and go full long with whatever cash position I have left. I am hesitant to commit to action here, as I definitely want to see things develop a little. However, this still seems to be a good strategy, in my mind.
AEC and CLP have all but fully recovered from the selloff. Incidentally, I have a larger stake in them than I did. The same goes for AWK.
BG and CCJ must now return to their pre-selloff glory. There is no reason for those companies to be holding so low. I’ve added to BG, but will refrain from buying more CCJ, as I already have similar pricing in my portfolio.
If those two positions recover, all else being equal I will be back in black for the year.
Now let’s get one last fall, at least. I’ll use it to cover out of my oil short with delight.
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Looks like a weak finish, but with ERX stomping higher.
You may want to do it sooner rather than later, else find out you are on the opposite side of a trade with GS:
http://tinyurl.com/3qw2anj
Then again this is just a rumor and the Squid maybe trying to get out of a hugely underwater long position?
Goldman is human. They don’t frighten me.
He’ll they were long crude back through 2007 too, as it collapsed.
Hell.
Fucking autocorrect…
That was before Lloyd was doing “God’s work”.
Maybe the God part, but he was still at the helm then. He was worrying his head off in Russia when the first warning signs of LEH hit.
Yes, the God part is what I was trying to emphasize.