Forget about the news. Tune it out.
Right now, amidst the rubble, idiots will attempt to run up equity prices. After all, as a country, it’s all we have.
Towards the end of the day, I switched positions and decided to raise money, via covering some short positions and selling some of my double inverse ETF’s. I did not look at my cost basis, since it’s irrelevant. I believe there was some minor losses booked in [[REW]]. But so what?
The big picture is this: Get ready to shoot at spastic zombies who buy stocks. These fuckers, led by “Zombie Cramer,” are everywhere, like a virus. They are NOT interested in the resounding effects $105 oil, $10 natty or $1,000 gold has the the economy.
All they care about is a pending short covering rally in tech.
So, with that in mind, the game plan is simple: Get there early.
If you’re short [[WM]] from $18, like “The Fly,” cover some and buy a few cars with the proceeds.
Bottom line: I have minimal long exposure and aggressively large bets against Commerical Re, via [[SRS]]. Additionally, I will continue to sell short the basic resource sector, since the herd is always wrong, via [[SMN]].
Oil is tricky. I will refrain from trying to figure out that sandbox. And, finally, gold seems easy here, via [[DGP]] or [[GLD]].
NOTE: The announcement of the entirely irrelevant, non- ground breaking deal, at [[ABK]] should shame CNBC and their whoring of rumors ways. I spit on CNBC.
UPDATE:
TMA Thornburg Mortg discloses receipt of default notice from JP Morgan after TMA failed to meet a $28 mln margin call (3.40Â -0.16) |
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TMA discloses it has received a letter from JPMorgan Chase Bank (JPM) dated February 28, 2008, after failing to meet a margin call of approximately $28 mln. The letter states that an Event of Default as defined under that certain Master Repurchase Agreement, dated as of August 3, 2006, as amended on February 7, 2007 by and between the co and JPMorgan exists. The letter also notified the co that JPMorgan will exercise its rights under the Agreement. The aggregate amount of proceeds lent to the co under the Agreement was approximately $320 mln. The co’s receipt of the notice of an event of default has triggered cross-defaults under all of the co’s other reverse repurchase agreements and its secured loan agreements. The co’s obligations under those agreements are material. |
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