I was preoccupied all day. However, the few times I stopped to wonder about the markets, my thinking went something like this:
(a) Hussman's ----ed.
(b) Paulson's ----ed.
(c) The Wiz is sticking to his story.
(d) Wiz Jr. doing his best to keep the story alive.
Check, check, check, and check. Another mourning in Morgantown.
When morning comes to Broad and Wall
The brokers roll their clients, all
The
stories make their morning rounds
In mourning, Morgantown
Nice move into BTU, tof.
ReplyDeleteDavid- My thoughts about sentiment in the mining sector:
ReplyDeleteAs long as Geoff and a hundred other gold traders keep pointing out how bad sentiment is, it isn't bad enough. When they're finally in enough pain to get out (there is always a point at which diehard holders will give up), sentiment will have hit bottom.
RYPMX- Ha! When in doubt on a multiple choice test, always circle (b). Down another -1.41%.
ReplyDeleteHad I gone in, it would have been with 30-60% of the port. So (b) saved me a -0.42% to -0.84% hit.
DeleteMay I suggest concentrating efforts on something more likely to gain, such as CLNT or maybe even, (gulp) coal, as opposed to PM's?
ReplyDeleteI see the same ST volatility in many stocks. INTC's gains on Wednesday? Given back today.
DeleteI'm not being critical, just seems like there could be other opportunities if one were to broaden their horizons a bit.
DeleteTSM didn't give up much of it's gains today, MU got away from us.
DeleteI am considering NGas.
DeleteI'm also hoping for Black Monday, which would solve many of my problems.
DeleteAgreed, I wouldn't mind if the clock were adjusted for daylight savings time, either. ;)
DeleteYa have to admit, the 5yr chart of KWK is kinda interesting.
DeleteThe 5yr chart for UNG is pretty awesome also.
DeleteKWK - Looks like the Fort Worth Basin acquisition was in play as the downturn was unfolding.
ReplyDeleteThe Needle and the Damage Done. I was randomly paging through the sister site and became acutely aware of the amount of wealth destruction that has taken place. I decided to find out how Dr. S was doing, only to discover he hasn't posted since 2012. When I click on his handle to find his last post, I end up with the same message that displays when I click on my own: 'You are not authorized to access this page' (ie, the kiss of death).
ReplyDeleteWe all base judgments on results and outcomes, right? So despite the emphasis on social equity and trading education, I have to rank the site below average. I weight actions and results over words.
Deletesame block on shark-attack and on 2nd. I gues you guys timed out.
DeleteIf you want I can post over there ans see if someone has contact info, but only if you want to invite him to this blog.
He and VAD were fighting with each other for weeks on end. I actually thought VAD was wrong and being over sensitive. This most likely led to him being censored.
Oh No!
Nah.
DeleteOne morning we'll log in and it will be Vad's photo. Then it becomes the Graifer-Cara Community. Then the 'divorce' and the transformation will be complete.
You know, it probably saved his ---. Being cut off likely woke him up in time to dump the miners before it destroyed his port.
DeleteThis guy 'Sync' will be next. It's all blood sport.
DeleteLet me try this one more time. Black Friday.
ReplyDeleteTGIBF.
DeleteLOL, are you a hired basher?
DeleteLOL! Predict early and often!
DeleteIt only takes one to become a legend. We all know that.
DeletePKX - POSCO is in the natty business, they're the largest shareholder in Daiwoo International, POSCO has invested $2B in the Myanmar field:
ReplyDeletehttp://www.koreatimes.co.kr/www/news/biz/2013/04/127_133128.html
MOL.AX - Apparently, Hanlong owns an majority interest in this profitable miner, and the company is trading at less than cash:
ReplyDeletehttp://www.steelguru.com/raw_material_news/Moly_directors_in_China_Hanlong_Mining_sights_Report/308390.html
Dear fund managers: New all time highs in the S&P 500. New highs in the Nasdaq. Russell within shouting distance of new highs.
ReplyDeleteYou better put money to work, your benchmark is leaving the station.
New highs beget new highs.
I think I read today that natty prices are entering coal switching territory for power generators.
ReplyDeleteGRPN anybody?
ReplyDeleteMight be black Friday / Monday for gold this week. Gold seems to be cascading down this morning another $32 already. Maybe down $200 or $300 over the next couple of days. Would probably be a buying opportunity for more than a few days.
ReplyDeleteTGIBF somewhere!
DeleteMaybe right here in my kitchen too!
DeleteWhat up, bro?
DeleteWell, as of yesterday, not GMO and YRCW!
DeleteOGRe watch per Landry.
ReplyDeleteTOF- Think JBHT will hurt us?
ReplyDeletePeople are trying to figure out what is going on with the economy and trucking, so should trade off of this as same industry.
DeleteYRCW has a lot of debt and is still struggling to make a profit so needs a good economy, good union negotiations, continued support form lenders, etc. So far things are going well and they are making progress, but if things start to slow, I think you probably want to get out of this. Because of their weak financial condition, I doubt they could handle a small recession.
LOL!!! GLD is literally 'off' the bottom of my chart.
ReplyDeleteLet me paraphrase what you'll read later.
ReplyDeleteHere are the charts I've shown you all week. Euro concerns are now again front and center, and Cyprus may need to sell down its gold reserves to finance its bailout. Gold prices are about to break support, and unless it closes above 1550 we're likely to see ST pressure. The gold bull, however, is not dead- not until Central Banks correct their balance sheets! Smart money will be buying all the way down to 1250. Should prices break 1250, then we're all ----ed.
No charge for that one.
DeleteGood morning, Geoff here.
ReplyDeleteStocks, gold and oile are all down this morning.
Gold and miners are testing the recent lows.
POMO schedule:
http://www.newyorkfed.org/markets/tot_operation_schedule.html
Notice that the largest POMO day of the month is on Monday at roughly $5 billion so if stocks decline here, don't be surprised to see a monster "the world didn't end over the weekend" rally on Monday.
Sorry for the short note this morning, I have a lot going on elsewhere but will try to post again later today.
Have a great trading day!
Actually, that's one of his best. Short and concise.
DeleteAlthough it's basically an observational report. 'I have a lot going on elsewhere.' Understood.
DeleteThat's funny! No chit!!
DeleteANR/BTU/WLT- They're selling the news while the SPX get's bought.
ReplyDeleteIt's too 'easy' to buy the miners here. So I predict anyone opening positions this morning will experience at least a sharp jab to the ribs.
ReplyDeleteNot that it's likely to stop them.
Delete----! There's the first jab.
DeleteApril 12, 2013 by Bill Cara
ReplyDeleteCTA Trading Desk Morning Report
[7:00am ET]
The fact that the ECB has ordered the Cyprus government to not fire their central bank head is tantamount to the coup many people feared.
http://www.efxnews.com/story/18238/ecb-draghi-warns-cyprus-against-any-a...
So, now we know that Americans are not being led by the President and Congress, but by the nameless persons who own the Fed and select their managers.
Hasn't this situation gone on long enough before we the people get to see who is actually behind the curtain?
Why would anyone want to invest with someone who really believes this crap?
DeleteWhat's 'behind the curtain?' Human nature, bro! We all know power corrupts. We all know there are good guys and bad guys at the top. That's all it is. For crying out loud, what's behind the curtains at CC? Fear and greed. Misguided ego. At the end of the day, it's all about what we learned in grade school> be careful who you trust, seek out friends, watch your back.
Delete"someone who really believes this crap? "
DeleteOur clue came when he told us to remove our cash from the banks and place it in a safe. Not that it matters, but there are warehouses the size of football fields around the country stacked to the rafters with cash.
Nobody likes the miners (cont.)
ReplyDeleteSubmitted by ballena (512 comments) on Fri, 04/12/2013 - 10:01 #119180
Another breakdown in the miners. The underlying metals are just above their support. Who dares buying here? Buying today is just as good as buying any day the last six months since the trend is still down. Price is different though and bulls are [be]coming extinct. I like it.
If the close is bearish today, Monday could turn out to be something truly special. Just push it through supports and flush.
BIIB - Neutral -> Buy
ReplyDeleteAnd they're out of the gate, it's Snail's Pace and Bag O' Bones in the lead....
RAD - Wow, wasn't this one 2nd's favorite hangout, or was it CVS?
Whichever one sells cherry red soda.
DeleteI'll take two.
DeleteSista site theme song for buy and holders of mining equities.
ReplyDeletehttp://www.youtube.com/watch?v=IwYNWYaS3bI
I bought BTU on the close yesterday and sold 3/5 ths in afterhours yes but did not know why the price spike then.
Who knows how high is and who knows how low is.
Hey did anyone notice the job opening at the sista the other day with the wizard as financial advisor and the two sharholders in attendance?
The most memorable playback of 'Eve of Destruction' was one afternoon while I was waiting for the previews to begin screening at the Solano Oaks Theatre on Albany Ave in Berkeley. I'd just moved back to the Bay Area, and it'd been twenty years since I'd heard that song. I arrived early, expecting the usual Muzak. Instead, I heard the scratch of a turntable, followed by McGuire's raspy voice.
DeleteMemories are great. We were cleaning out some stuff and came across some photos with Phyllis Vougue ing like a model. Damm know wonder I fell for her. I think I might pull a stallone and get a 10 foot rendition.
DeleteOuch! There's the second jab.
ReplyDeleteI detect something's going on, what is it, doesn't seem to be a wild dollar rally....
ReplyDeleteNothing like blogging in real time with the right soundtrack!
Delete:>)
Delete@PeterLBrandt See Gold chart. http://stks.co/t8L6 $GC_F $GLD Gold is completing a massive top -- target is $1300.
ReplyDelete$1,300 seems like a fair price based on costs to mine these days. Wouldn't surprise me to see an overshoot down to $1,000, but $1,300 seems like a good equilibrium price.
Deletefeels like a -50 day ib bullion
ReplyDeleteFeels like a +5 margarita day here!
DeletePass the pitcher!
DeleteI'm seriously looking forward to testing TJ's "Rum of the Gods". $7.99 a fifth.
DeleteNext time we are over there I will. Maybe this summer. Patricia's brother has a house on the main island.
DeleteSure man, but this summer I may be on the mainland.
DeleteOkay, "Retail sales dropped sharply in March."
ReplyDeleteHeading over to Danville tomorrow for one of Kendra's games. They are her toughest game.
ReplyDeletePeterLBrandt
ReplyDeleteApr. 12 at 7:36 AM
Platinum is breaking major support line $PL_F http://stks.co/gROZ
opps -56 getting so much resistance, not
ReplyDeleteStraight to $1300, eh? Always the market is weak, as gold is plunging.
DeleteWow!! There she goes!!!
DeleteBTU - Betcha we already saw low of day.
ReplyDeleteNope, guess not.
Deletegood morning boys. /CL is covering the bills although a stop run yesterday took me out of my long term swing short. Anyone trade ACAD? Only got in for a small piece.
ReplyDeleteCan't take my eyes of GLD bro.
DeleteI guess it could go all the way down to 136.93.....pain train for all the late/scared $$$
DeleteWOW!!!!! Is Paulson blowing up???
ReplyDeleteeven the bullion boys are starting to feel pain. Read at sista site yesterday Sprott selling silver bullion.
DeleteLot of money coming out of GLD this week and would be indiscriminate selling -> Holdings of the largest fund, New York's SPDR Gold Trust GLD fell a further 2.1 tonnes, or 67,710 ounces on Thursday, after a 17-tonne outflow on Wednesday.
DeleteToday will be worse.
Here's one way to look at it....
Deletehttp://www.bloomberg.com/news/2013-04-11/john-paulson-to-start-fund-to-reduce-clients-tax-bills.html
Yes, one needs to keep thinking on his feet.
Delete$Copper - So much for the bullish COT, sure looked like commercials have been loading up.
ReplyDeleteRe: Nobody likes the miners (cont.)
ReplyDeleteSubmitted by Vadym Graifer (3988 comments) on Fri, 04/12/2013 - 10:46 #119187 (in reply to #119185)
"Got to buy when blood is on the streets"
As a general rule, yes... but if you don't wait till blood stops gushing, it will be yours on the pavement.
That's a good chart with perfect area to watch.
Gold...
ReplyDeleteSubmitted by basketguy (73 comments) on Fri, 04/12/2013 - 10:45 #119186
Look at where Price took off...
We are just now coming back to test it....We have broken all the weak longs...Watch the Ba Ba Ba bounce to follow as Geoff and all have been looking for...We have finally washed out the weak hands...now we will see the real trend...
The real trend? Whoa, bro.
DeleteShook the weak hands lose? Smart money's been short (see VAD's posts).
DeleteLove the screen name. Well chosen, although bodybagguy might have been better.
DeleteTSO: They slide faster than they glide. Short at 51.80
ReplyDeleteFinally, my cheap gasoline!!!!
DeleteBTU - Bulls got faked out? Say what? This horse race ain't rigged, no way no how!
ReplyDeleteStink bid @ $20.17 for 1/4 position, plan to add on further weakness.
CP - re retail sales being down - March was a crappy month weather-wise. I bet we see a bounce in April.
ReplyDeleteYeah, me too. I'm expecting Asian data to perk up as well, but I don't have enuff visibility to firmly support the opinion.
DeleteNobody believes the economy is recovering, sentiment remains really low. Man, I'm told some stores have nobody in them, (eyewitness boots on the ground sent to take personal survey). I guess it's just coincidence, or maybe my investigator got March right?
JCP, specifically, was the store most void of customers.
DeleteWell that was quick. Just got back from a walk with my son and see that my stop was hit on BTU at breakeven. It's now below yesterday's low...might try again.
ReplyDelete-63 to 1498.
ReplyDeleteholy shit. can't say i didn't see it coming given how many years gold was in a bull market. perhaps this truly is the breaking of the back of the fear trade.
DeleteI won't touch it over $1,000, or silver over $14
DeleteI have to hit the road again, guys. ----. Hope you all enjoy the show.
ReplyDeleteWEnt long NOK at $3.446974 avg. Watching BTU closely to see if this bottom holds.
ReplyDelete"YRCW has a lot of debt and is still struggling to make a profit so needs a good economy, good union negotiations, continued support form lenders, etc. So far things are going well and they are making progress, but if things start to slow, I think you probably want to get out of this. Because of their weak financial condition, I doubt they could handle a small recession."
ReplyDeleteHow about this: we get a small recession and YRCW goes through the roof. I bet it happens.
Don't underestimate the power of the cuts they have made and are going to make to their network next month. Keep in mind that it is a $5 billion a year company that trades at a market cap of $70 million (or $150 million fully diluted). Lots of room for error here.
Don't get me wrong, I think the economy improves and YRCW makes it an is at least a 5-banger over a few years (maybe sooner), but there is still a lot of risk here.
DeleteThey still negative equity, high debt, etc. so they really are reliant on their lenders. EV is over $1.2 billion. If the economy gets worse, they could start increasing debt covenants, etc. YRCW could get forced into an equity offering or something similar. Plus hopefully the union doesn't do something stupid if they see YRCW starting to make a profit.
I agree. I think that's priced in. And I don't think anyone is considering the positive what ifs...i.e., what if the network improvements reduce costs by more than expected (in looking at 10k i could make a case for it improving the bottom line by $50 million annually), what if they return to a profit and can negotiate lower interest rates on debt, etc. The union deal from what i read doesn't all of a sudden roll back to where it was before it expires in 2015. so it needs to be renegotiated going forward. they want as many people in the union as possible so they will work with YRCW to enable them to be competitive. especially when the NMFA union that they are in is largely made up of YRCW (now that ABFS dropped out).
DeleteHope you are right...
DeleteHopped back into part of a BTU position at $20.39.
ReplyDeleteadded 20.39
DeleteI still think this chart is worth watching, and would like to hear arguments as to why it isn't applicable:
ReplyDeletehttp://www.crbtrader.com/data.asp?page=chart&sym=BVY00&name=BLS%20Raw%20Industrials&domain=crb&display_ice=1&cancelstudy=&type=LINE&studies=SMA%2813%29;&a=W
raw industrials? what does it consist of? is there a ticker for it?
DeleteThis is the only source I know of, don't know of a ticker. This index consists a combination of 21 commodities typically used in manufacturing finished goods, like rubber and cotton.
DeleteWhat I'm not sure of if it's an inferior indicator b/c so many items are now made using synthetic materials.
BB - on YRCW
ReplyDeletethink about this: in Q3 last year they had about $6 million in net loss. $3 million of that was related to make whole premiums on convertible notes (i.e., one time expenses). So they lost $3 million.
Now check this out:
In Q4 they dropped expenses as a percentage of revenues from 65.24% to 63.99%. Big deal right? Well if they had the same expense ratio in Q3 as they did in Q4 they would have made $9 million in that quarter (or $12MM excluding the make whole premiums above). On a current share count that is $1.30 per share. Fully diluted its $0.55.
Now consider this last part:
Estimates vary on the network improvements they're proposing. It's generally thought it will save them $25 to $30 million annually. That's $6 to $7 million per quarter. Add that to the above number and you get $2 EPS for Q3 2013 on current shares (or $0.86 EPS on diluted shares). These network improvements are expected to be fully felt in Q3.
Do you think any analyst is projecting this for Q3? I'm not saying it will happen but there is the potential for it...and that's without projecting any revenue growth whatsoever.
That's why I'm fully invested in YRCW and won't budge from my position.
Sold the BTU. I'm only day trading these things since they are on margin and I've made it a note to stay away from margin for years now.
ReplyDeleteKWK - Sure looks like this one wants to break out to the upside. Maybe this last month is an C&H formation and the handle is about to form?
ReplyDeleteAGO - Got a stink bid at $19.83, this level should hold IMO.
ReplyDeleteBIDU - Doing pretty well today, IMO.
ReplyDeleteRLGY - Recovered quite well yesterday, I'd say. Must've been good news as opposed to bad...
ReplyDeleteBull flags in BIDU and NOK. Love the pullback in NOK.
ReplyDeleteAMGN, perfect chart pattern
ReplyDeleteF*cking lawyers...ugh my head hurts. See #28 on the link below:
ReplyDeletehttps://itunes.apple.com/podcast/oral-arguments-from-eighth/id274752609?mt=2
BTU - Umm, the bear attack is failing.....
ReplyDelete> Extremely heavy put buying by the general public today. Potential for a new 52-week low. Market bullish at the margin.
DeleteSo, the general public is getting more bearish as the market rises - generally a sign that we are not near a top.
Also, Krugman in NY Times article on gold reminded me that in 2011, more people said gold was better investment than anything else. IN hindsight, that was the contrary indicator, but also makes me think that there may need to be a lot more despair on the downside in gold before we reach a true bottom (not just a 2nd quick in and out trade bottom).
INK Research, which monitors insider buying and selling activity, points out to us that regulatory filings show Mr. Sprott sold $46,258,984 (Canadian) over the past 30 days in the trust. The sales to the public occurred almost daily in several transactions.
ReplyDelete> so the thing about Sprott is he's a smart guy, but manipulates the system to his advantage. A couple years ago, one of his fund managers was on BNN recommending buy a solar stock as his top pick after it had gone form $0.50 to $20.00, but meanwhile his fund was selling it's position.
John Emry,Chief Strategist at Sprott:
DeleteJohn Embry: Do Not Sell Your Gold and Silver Positions
http://etfdailynews.com/2013/04/12/john-embry-do-not-sell-your-gold-and-silver-positions/?utm_source=twitterfeed&utm_medium=twitter
TOF, thanks for your update re YRCW. We are in agreement with the improvements that they are making and the leverage in the business model and our expectations of much higher prices.
ReplyDeleteWhere we differ is I perceive it as higher risk than you do and am keeping the position smaller, but hopefully, we'll both make lots off it.
Going to be an interesting day on Monday for Gold. Can see all these GLD holders looking at their losses and just saying "screw it, sell" on Monday.
ReplyDeleteSchiff, and Sinclair and Cara and the goldbugs sure didn't complain when GLD buying was driving the price of gold up, but are hating it now, although they are all saying "the futures price of gold is not the real price, just the paper price". Well, good luck with selling it for a higher price.
Gold wasn't manipulated as price rose, skill was the phenomenon.
DeleteInteresting time at that meeting today, wonder how it gets spun.
ReplyDeleteI'm pretty sure it was the standar "don't worry, it's only the paper price, GLD isn't real gold, just futures, look at all the people asking for physical delivery, no way they can fill all that demand, just hold on for $3,500".
DeleteMy goldbug friend who is hardcore into this stuff honestly believes the US dollar is going to 0 and when it does, a new currency will be created like it always is, but no-one will have faith in it, so gold will be extremely highly valued and he will be able to pick up assets for pennies on the dollar by selling his gold then.
http://www.bloomberg.com/video/faber-gold-isn-t-down-as-much-as-apple-FJWVsQe2RoKY6uT3ysQyxA.html
DeleteBlack Friday for gold (BFFG)
ReplyDeleteI say BFD.
DeleteI bought physical at 600 and under.
I sold about half awhile ago.
I sold half my silver, mainly the comex bars because they are a little harder to move.
I don't think we're done, but I don't think we'll get back to my purchase price and at some point it will be another opportunity. Until then there are a lot of other better trades to concentrate on. All the pm talk is just a distraction.
BC> The enemies of the Fed, like the precious metals and Bitcoin, are getting smashed and trashed.
ReplyDeleteNow we're supposed to believe Bitcoin is a better currency than the US$?
Kool Aid
DeleteFewer people are buying the Kool Aid:
Delete"The growing popularity of liquid mixes hasn't been good for Kool-Aid. In 2012, the brand's U.S. sales were down 5% to $338 million, according to the market researcher Euromonitor International. That was following a 4% drop the previous year."
Although it's difficult to account for the impact of the Bitcoin, however, it appears at least until the financial crisis occurred and for similar reasons, US currency demand also was flat or waning slightly:
DeleteCrisis and Calm: Demand for U.S. Currency at Home and Abroad from the Fall of the Berlin Wall to 2011
November 2012
"Despite the disparate methods and data sources, the data consistently indicate several
trends. First, international demand for U.S. currency increased steadily over the 1990s and into the early 2000s, a period that coincided with the fall of the Berlin Wall, the collapse of the Soviet Union, and periodic economic and political crises in several Latin American countries. Second, international demand for dollars began to stabilize or decline around the time of the introduction of the cash euro in 2002. This decline coincided with economic and political stabilization and financial modernization in many economies in and around the euro zone and the former Soviet Union and continued until late 2008, when the global financial crisis appeared to spark renewed demand for U.S. banknotes that has shown no sign of abating."
http://www.federalreserve.gov/pubs/ifdp/2012/1058/ifdp1058.pdf
sure looks like right side of the cup is being formed with target of $14 on initial move up:
ReplyDeletehttp://stockcharts.com/h-sc/ui?s=YRCW&p=W&b=8&g=0&id=p17829637203
Surprisingly strong move today with the markets down and the miss from JB Hunt. Good to see.
DeleteCVX - Breaking ground this month on a new Permian headquarters in Midland, West Tx.
ReplyDeleteCEP - Any thoughts on Constellation, they're trading below book of $40m, sales are $75m
ReplyDeleteI'm finding a number of profitable companies trading below book, is this normal or telling me we can anticipate some upside?
ReplyDeleteThere are always some like this, but usually they have some issues like being in a dying industry like newspapers or too high debt, etc.
DeleteAt this point in the cycle, there are less than a year ago and certainly less than 2008 / 2009, but more than in 2005 /2006. This is one of the reasons I still think this bull cycle is only around half or less complete.
Looking at these companies for buys is a good start and you can look at their 10 year valuation metrics on Morningstar to see how they did last cycle.
You also have to consider how the industry values stocks (like REITs are P/FFO or P/AFFO).
The whole life insurance industry is undervalued on those metrics and, if you believe interest rates normalize, should double by cycle peak, but there are many other companies as well.
FBN - BB - Do you still have this one?
ReplyDeleteYes. The industry seems to be turning. Just not sure that I may have picked the wrong horse, but lots of upside here and high risk.
DeleteLegendary Investor Jeremy Grantham Believes Natural Gas Prices Will Triple
ReplyDeletehttp://seekingalpha.com/article/1338701-legendary-investor-jeremy-grantham-believes-natural-gas-prices-will-triple?source=kizur
More and more, my argument against higher prices seems to be losing validity.
DeleteWhere's MOG when you need him?
AFL - This company does a lot of business in Japan, Japanese corporations love this company for some reason.
ReplyDeleteYeah, not sure why either, but they do very well there and the stock is probably a little expensive, but probably as good long term hold at the right price.
DeleteI'm approaching this from the perspective of how the recent change in dynamics might impact AFL. If Japanese corporations enter a growth mode, and depending on the dynamics of that growth (likely will be in their homeland), then AFL's foreign subsidiaries may suffer?
DeleteWhere Japanese corporations go, they tend to take AFL along for the ride.
So overall, Japanese corporate growth should be a positive for AFL but, how are the new dynamics likely to impact earnings for the ticker on our local screen?
I used to work with and then for, Japaanese company, so I'm aware of the AFL connection, just not intimately familiar with the details.
DeletePSX - This one looks good for some upside.
ReplyDeletebot 200 shares BTU at 20.78 near the end of the day Friday. Scaling in is a struggle for me.
ReplyDeleteOne of my coworkers attended a natty shipper meeting. There are usually a lot of utilities at these. They made the comment that many utilities were hurt last year with such a high storage balance at the end of the withdrawal season so this year they were more aggressive about getting their storage out. The surprise this year was the colder weather late in the winter season so it was a little bit of a perfect storm. Most utilities I know don't hedge their storage because its all passed through to the end users. It's more of a cash management issue to pay to put the gas in the ground and then not pull it out, even if it was cheap when you put it in.
ReplyDeletenew post
ReplyDelete