AGO in final submissions with $160 million Flagstar case - will probably set precedent with other larger cases (JPM, BAC, etc). Previous reports said judge was making decisions which were favorable to AGO. Flagstar allocated $40 million for lawsuits, but wouldn't say if this was for AGO, but timing looks so.
Could be the reason for weakness in the stock lately in addition to overall market weakness.
Oops 10yr yield is 1.60, see how often my memory needs refresh these days? TBF bouncing around $28 again, just kinda fell outta bed sooner than I'd anticipated.
Seeing the relative outperformance of AUMN over GDXJ and SIL today, the fact that the decline in AUMN had stopped at exactly the July double bottom level of $3.82, the fact that $USD futures have formed an ascending bearish wedge (http://www.finviz.com/futures_charts.ashx?t=DX&p=h1), the fact that the 1-month intraday chart of SLV clearly shows that the pattern of lower highs and lower lows has been broken (silver might be anticipating the breakdown in $USD), I decided to further increase my AUMN position and just bought 1K more shares at $3.85.
Instead of selling these shares on the upcoming bounce in AUMN, I decided instead to keep them for the long term (so as to pay a smaller long-term capital gain tax on the HUGE profit I expect to make on these shares over the 1-year time horizon) and instead placed a sell limit order for 20 contracts of April $5 calls at $0.60 (I bought A LOT of such calls between $0.60 and $0.40 over the past few weeks, and since gains on options are always taxed as a short-term capital gain, I might as well sell them first). So now I have a nice "ladder" of sell limit orders for scaling out of my April $5 calls: 20 contracts at $0.60, 20 contracts at $0.80, 20 contracts at $1.00, etc. Just to make sure that I don't miss any spike up in AUMN, however brief it is going to be...
The standard of reference was recently redefined by Schwartzneger. In self-defense, hot wives nationwide are clamoring for any exercise equipment they can, in desperation.
"Is my memory correct that since the double bottom there has been a technical share dilution?"
Well, since the cash they got in return for issuing more shares is still in the bank (no one had stolen it, as I was afraid before!), the share price should not have changed as a result of issuing more shares, and so we are still dealing with "the same animal."
In fact, if AUMN could, in July, issue 20% more shares at $5.75 (when its market price was $3.82), the price of the shares should have increased, right? Thus, the current $3.82 price on AUMN implies a *cheaper* valuation for the company than we had last July.
BAC - Oh BACML doth I love thee, let me count the ways:
"Bank of America’s tender offer is nothing more than an outrageous attempt to improperly interfere in MBIA’s corporate affairs in order to pressure us to accept a grossly unfair settlement of our fraud and contract claims against BofA, which would disadvantage other policyholders and all of MBIA Inc.’s stakeholders. Contrary to BofA’s contention in the tender offer, it is not the Consent Solicitation that increases the risk of MBIA Insurance Corp. being placed in rehabilitation or liquidation, rather it is BofA’s own refusal to honor its obligations and its strategy of delaying the put back litigation. This reprehensible conduct is yet another example of the lengths to which BofA will go to evade its obligations to MBIA and reflects the kind of self-serving behavior that precipitated the financial crisis and required hundreds of billions of dollars in taxpayer funded bailouts. MBIA Inc. Contacts: Media: Kevin Brown, +1-914-765-3648 or Investor Relations: Greg Diamond, +1-914-765-3190"
AUMN closed today at $3.82, which was the EXACT closing price during the July low. Any bets on what happens tomorrow?
ReplyDeleteSQNM - Yeah, may be gaining traction. Was in the news twice today:
ReplyDeletehttp://www.genomeweb.com/newsletter/genomeweb-daily-news
I guess a close better than $3.84 would be a good sign of renewed interest.
DeleteDollar heading for 82?
ReplyDeletePKX - Haven't seen this one down here too many times.
ReplyDeleteMUX - Taken to the woodshed... Hey, what was that BC was sayin' 'bout how now's a great time to buy PM's and miners?
ReplyDeleteSCCO - I hope to buy this one next time it's $25
ReplyDeleteTIE - Have you guys seen this one?
ReplyDeleteHecla Mining Co: 2012 EPS estimate down 29%; Lucky Friday restart in Q1’13
ReplyDeleteAuRico Gold: Adjusted Q3 EPS beat
NSPH is over $3 for some reason.
ReplyDeleteThis is probably why:
Deletehttp://finance.yahoo.com/news/nanosphere-receives-fda-clearance-market-125049541.html
Took off the 20K shares of NSPH that I bought yesterday @ 2.60 for 2.94. Holding the rest.
ReplyDeleteSQNM - Still watching $3.84
ReplyDeleteAGO in final submissions with $160 million Flagstar case - will probably set precedent with other larger cases (JPM, BAC, etc). Previous reports said judge was making decisions which were favorable to AGO. Flagstar allocated $40 million for lawsuits, but wouldn't say if this was for AGO, but timing looks so.
ReplyDeleteCould be the reason for weakness in the stock lately in addition to overall market weakness.
NSPH - Well that didn't take long to dampen...
ReplyDeleteNSPH - The gap up won't exist very much longer.
ReplyDeleteSQNM - I bet this one's in distribution and won't make it past $3 this cycle.
ReplyDeleteHII - Fell out of channel and now testing the 200SMA
ReplyDeleteA 12% haircut for anyone who held from $45
Market's bouncing this morning - Mark must have gone outside again.
ReplyDeleteFirst he sold NSPH off the bat, which was a great move. Always take your gain no matter how small, lest it evaporate.
DeleteForget Redbox! Look at Medbox! +80%!!!
ReplyDeletehttp://www.marketwatch.com/story/how-to-invest-in-marijuana-2012-11-13
PPS growing like a weed, CBIS as well.
DeletePAL - Still sinking, LOL, which day does the buyout announcement come?
ReplyDeleteDMND - Diamond to restate Nov 14th
ReplyDeletehttp://us.rd.yahoo.com/finance/external/bizj/SIG=13341ttm5/*http://www.bizjournals.com/sanfrancisco/blog/2012/11/diamond-foods-earnings-pringles-kellogg.html?ana=yfcpc
NLY - Good God....
ReplyDeleteAGO - Well, this one was green but looks like a change of heart.
ReplyDeleteWhich way does a 10yr T yield go from 1.68 -> LOWER YET!?!????
China - How's that Chinese GDP lookin' lately, has it hit the 6% crash landing level? $WTIC is off again leading me to conclude it's an WIP.
XPP 50SMA cross-up rejection in the cards or what? Seems to be forming a hammer today...
Oops 10yr yield is 1.60, see how often my memory needs refresh these days? TBF bouncing around $28 again, just kinda fell outta bed sooner than I'd anticipated.
Delete82 - Sheesh, all this and the dollar isn't even back to 82 yet, either......
ReplyDeleteQLD - Inches ever-closer to that $49 gap each day.
ReplyDeleteNSPH - No-way no-how this thing closes over $72 and begins inching up slowly from there.
ReplyDeleteIs it yet apparent I'm losing my mind over here?
wow. If it closes over $72 we're all retiring.
Delete$2.72 mister funny man! ;)
Deletehttp://www.ritholtz.com/blog/2012/11/q3q4-earnings-beats-misses-sp500/
ReplyDelete"The two charts below show an ominous turn down in Operating earnings"
DeleteAh, yes of course due to Europe and the mood in general. The focus must concentrate on determining if this the beginning of a trend.
Wish I had a nickle for every time I heard the phrase "fiscal cliff".
ReplyDeleteFiscal Cliff!!!!!!!!! ;)
DeleteFiscal Calamity!!!!! ;)
DeleteFiscal Fubar!!!!!!
Seeing the relative outperformance of AUMN over GDXJ and SIL today, the fact that the decline in AUMN had stopped at exactly the July double bottom level of $3.82, the fact that $USD futures have formed an ascending bearish wedge (http://www.finviz.com/futures_charts.ashx?t=DX&p=h1), the fact that the 1-month intraday chart of SLV clearly shows that the pattern of lower highs and lower lows has been broken (silver might be anticipating the breakdown in $USD), I decided to further increase my AUMN position and just bought 1K more shares at $3.85.
ReplyDeleteInstead of selling these shares on the upcoming bounce in AUMN, I decided instead to keep them for the long term (so as to pay a smaller long-term capital gain tax on the HUGE profit I expect to make on these shares over the 1-year time horizon) and instead placed a sell limit order for 20 contracts of April $5 calls at $0.60 (I bought A LOT of such calls between $0.60 and $0.40 over the past few weeks, and since gains on options are always taxed as a short-term capital gain, I might as well sell them first). So now I have a nice "ladder" of sell limit orders for scaling out of my April $5 calls: 20 contracts at $0.60, 20 contracts at $0.80, 20 contracts at $1.00, etc. Just to make sure that I don't miss any spike up in AUMN, however brief it is going to be...
DeleteIs my memory correct that since the double bottom there has been a technical share dilution?
DeleteZAZA/AXAS..I was looking at BOTH of these yesterday.
ReplyDeleteWere you searching the entire alphabet or just near the ends?
Delete:)... I've never dabbled in the middle!
DeleteTT Creed: Leaving no stone unturned or good deed unpunished! ;)
DeleteAre we going to have any interest in FB after tomorrows lock up?
ReplyDeleteThrow away the key!
DeleteI won't bother to mention I have a feeling the market loses more ground today.
ReplyDeleteIf we have to hear about all of this crap, can't the Generals at least bag some hot chicks?
ReplyDeleteThe standard of reference was recently redefined by Schwartzneger. In self-defense, hot wives nationwide are clamoring for any exercise equipment they can, in desperation.
DeleteNLS - This one for example...
CYD - Misses yet doesn't get trounced?!?!?
ReplyDeleteJHX - Interesting chart....
ReplyDeleteAGO - Attention shoppers, catch the blue light special.
ReplyDeleteSQNM - This thing just might rally once all the poor lost and weary investors have sold, happy to break even on their misadventure?
ReplyDelete"Is my memory correct that since the double bottom there has been a technical share dilution?"
ReplyDeleteWell, since the cash they got in return for issuing more shares is still in the bank (no one had stolen it, as I was afraid before!), the share price should not have changed as a result of issuing more shares, and so we are still dealing with "the same animal."
In fact, if AUMN could, in July, issue 20% more shares at $5.75 (when its market price was $3.82), the price of the shares should have increased, right? Thus, the current $3.82 price on AUMN implies a *cheaper* valuation for the company than we had last July.
Yep, every great circus must have it's animals! ;)
DeleteCOULD be an ugly close. Lot's of sell side imbalances.
ReplyDeleteWe will craft no law before it's time (as if the geriatric squad were actually capable).
ReplyDeleteI've got a Cherub on both my right and left, one keeps asking questions while the other keeps repeating the the same three words:
ReplyDelete"It's not coming"
CSCO - Up big after hours on earnings.
ReplyDeleteINTC - Hit low for year today. Break of $20 coming up? Up a bit AH.
Yeah, who was it that pooped all over CSCO just a few days ago, anyhow?
DeleteHD nailed one as well.
MBI - This must be the one that dragged AGO down today.
ReplyDeleteBAC - Oh BACML doth I love thee, let me count the ways:
ReplyDelete"Bank of America’s tender offer is nothing more than an outrageous attempt to improperly interfere in MBIA’s corporate affairs in order to pressure us to accept a grossly unfair settlement of our fraud and contract claims against BofA, which would disadvantage other policyholders and all of MBIA Inc.’s stakeholders. Contrary to BofA’s contention in the tender offer, it is not the Consent Solicitation that increases the risk of MBIA Insurance Corp. being placed in rehabilitation or liquidation, rather it is BofA’s own refusal to honor its obligations and its strategy of delaying the put back litigation. This reprehensible conduct is yet another example of the lengths to which BofA will go to evade its obligations to MBIA and reflects the kind of self-serving behavior that precipitated the financial crisis and required hundreds of billions of dollars in taxpayer funded bailouts.
MBIA Inc. Contacts:
Media: Kevin Brown, +1-914-765-3648 or Investor Relations: Greg Diamond, +1-914-765-3190"
Wikileaks - Hey, when are the Allan/Petraeus love letters gonna get posted up on Wikileaks?
ReplyDeleteI don't know guys, I'm beginning to wonder where the old "Dont ask don't tell" policy was leading us...
new post
ReplyDelete