As of right now American International Group, Inc. [[AIG]] is down damn near 100%, this cannot be ignored. AIG is the new leader, what it does the market will do– keep it on your screen.
It was a gift this morning to get out of a few longs where I did. Now I am siting on a hefty cash position along with some [[SRS]] .
Normally I am that guy that buy the dips, however this time I have no intentions.
Trade well, and follow AIG.
Comments »I know I said I was not selling at the open, but I feel we got a gift only being down 100. I sold a bunch of positions. Scanning for trades now.
More update coming…
Comments »This is getting interesting.
Did MER really get a 70% premium? Will JPM really buy Washington Mutual, Inc. [[WM]]? I got an idea, let’s all just merge together, tonight.
Update: As I’m writing this post, it is official, Lehman Brothers Holdings Inc. [[LEH]] just filed for bankruptcy, what a sad day. I guess the fortune cookie doesn’t lie, good thing I’m short Legg Mason, Inc. [[LM]] .
Plays going forward: short Goldman Sachs Group, Inc. [[GS]] to zero, and pick up some [[SRS]] .
Current trading positions:
As for oil, it should bounce here as the dollar gets poleaxed. In that space I own National-Oilwell Varco, Inc. [[NOV]] and Tesoro Corporation [[TSO]] and plan on holding both (no panic selling at the open). I also plan to hold my position in FCX as gold looks strong.
The only position I’m worried about is Google Inc. [[GOOG]] , but I have a clear exit– a close below 410.
I’m hoping Apple Inc. [[AAPL]] takes a hit tomorrow, as that is one stock I would love to buy on a nice dip. I also have a few puts in the Q’s (thank God), but nothing in size– mainly a hedge on my two tech positions.
I wish I had a few more shorts, but I think I will make it out Ok considering the events. I have a decent cash position and will be buying [[SRS]] , “Maybe” AAPL, and more puts on [[LM]]
As for my IRA, that’s another story.
It will be an interesting day.
Comments »[youtube:http://www.youtube.com/watch?v=yIY2pQJdPps 450 300]
Comments »So I’m at lunch with the future wifey when our waitress brings me the wrong drink. She places an ice cold Dr. pepper in front of me when I believed it to be a coca-cola classic. Upon drinking what I believed to be the “real thing”, I damed near spit the drink out all over Ms. Cajun. She laughed and said, “She mixed up our drinks, it’s Dr. pepper isn’t it?”
How do people drink this stuff? 23 Flavors of yuck in my opinion, but Mrs. Cajun loves it.
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Dr Pepper Snapple Group Inc. [[DPS]] was spun off in May from former owner Cadbury Schweppes. The stock began trading around $25/share and reached a high of 25.86 before selling off. Lately the stock has been on fire due to reaffirming EPS for 2008, and is now near a 52 week high.
This is exactly the kind of company you want to own in a slowdown. Look for a break to new highs before taking a position.
Disclaimer: I own shares in DPS
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