BAS Breaks My Good Time

BAS swung around today, down more than 8%. I just adore 10% price swings up and down, like a buzz saw for the knees of the weak. It’s insanity, there is no reason for this sort of price action. Even when it’s making me rich, I kind of hate it.

The positions I had that were offsetting the losses softened into the close, with HCLP and CCJ coming in neutral. My biggest gainer today isn’t a full position, by a long shot, and is thus not much worth talking about. UEC was up 10% today, but it’s just a few percent – an ancillary position to CCJ.

The biggest real gain I had today was probably silver. You can understand why I’m not leaping around for joy.

The 9th floor welcomes you, friend. I hope I find you well on this cold, Fall morning.

The weekend was a nice respite for me; my family gathered in the North where we drank chilled German beer and ate sausage and sauerkraut. There is something tranquil to sitting around a fire, in ones nicest holiday sweaters and scarfs, enjoying the company of loved ones to quality food and drink.

My positions are splitting two directions here. The downdraft is being pulled by BAS, which has denied the breakout. Thankfully, I unloaded a good chunk of shares in the mid $16 range, and can claim a mild victory in the event, despite the losses.

On the other side, you have CCJ breaking out. I have watched CCJ for more than long enough to dare declare this a pivotal moment. The company is ranged bound with a $3-5 standard deviation, creating >20% displacements. Every other quarter is a crash or bull run, depending on if you’re disciplined enough to withstand the onslaught.

Beyond that, preparations are being made for the feast. The Thaler clan is being hailed from the four fingers of Michigan – we will gorge ourselves in the ancestral home of a distant cousin this year. Scotch will be plentiful and wine will flow freely.

Hi-Crush Partners LP is down 3.5% this morning on an announcement of a secondary offering. However, the title “secondary offering” is largely formality, as this sale is not anything like a traditional secondary.

The shares are not new issuance, but rather come from a controlled group arrangement with another sibling/parent entity, Hi-Crush Proppants LLC. Since Hi-Crush Proppants LLC was already entitled to a share of all earnings anyway, this secondary will not be changing the outstanding dynamics of HCLP.

Unfortunately, that also means that HCLP will receive no funding from this offering directly, and it does not benefit my partnership units in any way, shape or form. I generally feel that concerns over new capital raises in fast growing or leveraged markets are overblown, so I would not have been bothered much to see HCLP raise more money.

This announcement should be treated as merely a declaration of a very large seller coming to market. There is no ownership dilution taking place, though nor are their any benefits to existing partners in the form of expanded business capital.

There’s a good chance I’ll be putting money to work in HCLP on the selloff. This is an excellent opportunity to get in.

Praise the heavens! Life up your voices and give thanks to our new Fed overlord!

Buy stocks and let not a drop of red hit the indices on this day. Even Tesla must trade higher, though it vexes me. Everything must end higher to celebrate and sanctify this glorious occasion.

There will be no tapering, soft child. That was just a ruse to speed up the confirmation process. Rather, we must have more intervention. It is both just and right, as you are too feeble and weak to be entrusted the hard task of survival alone.

Prepare the offering stone, for the new Bearded One. Do not question where she keeps her beard, unless you beckon to feel the cold, loveless kiss of the back of her hand.

Those of us that have made horrible decisions are entitled to free money, to aid us in the process of unwinding those discretions. In fact, if I were to lose the possessions I rightfully took (executive privilege) with borrowed funding, it would be nothing shy of a travesty of justice.

In truth, the only horrible decision is refusing to make horrible decisions. Load up on stolen property, with Yellen’s blessing and 3% funding. Then keep it for yourself. The finest trimmings are available to you. Buy GM stock, on triple margin, funded with credit card debt. It is your birth right.

Just when you think you’ve made it out, work grabs you below the calf muscles and drags you back in.

I had a late rush of some work that needed doing, so I ducked down and got it done.

I don’t like the way the market is behaving, but my faith in Santa is unwavering. He will come through, just in time to murder the naysayers. Believe.

The Fed is talking down the market to aid Yellen. How can they come out and just say “we’re never going to stop buying these bonds, here, sir”? They cannot; rather, they must pretend.

The healthcare fiasco notwithstanding, there is just some ridiculous nonsense floating around now about 100 million cancellations hitting next year right before the election. No numbers backing that up, of course. I’ve watched the media screw up interpreting this law more than enough times to have zero faith in that prediction.

Between announcing the exchanges were cancelled, or trying to argue that a reporting requirement delay for carved out coverage was universal, it’s clear that reporters have absolutely no idea what is going on. Same as everyone else, mostly. Unfortunately, they just happen to have ready access to a few million people to spread this nonsense to.

AEC is the latest stock I own to go bananas on nothing. It’s up over 10%, shrugging off the indices.

BAS is the only notable correction I’m experiencing. NRP and silver are both down a bit, but nothing really leading a charge lower.

TSLA meanwhile is rolling over hard, as a multitude of technicians knife one another in an attempt to call the next bounce point. If I had to put my money on one of them, it would be our own ChessNWine.

If TSLA can dip below $100, there is a strong likelihood that I will sell my $100 puts (reserving final judgment for such time) and use the gains to zero out the cost of my other puts (expiring between 2014 and 2015 with strikes around $35-45). That would give me essentially free options to make huge gains out of nothing.

Like a modern day Rumpelstiltskin, I adore spinning gold out of straw more than almost anything else – unless it’s the blood of your firstborn.

For the moment, the TSLA position is still a money loser. But at just 3-4% of my account, how can you pretend that I care?

In summary, the Tesla fanatics are getting quiet, and many a junior in college is starting to sweat.