Bill Cara’s Blog for April 30, 2010 [See post-close report]

Platos' "Rebublic" is still correct.

CLSN (5) is a baz22 mention.....selling the 5 puts, KERX is another bio, buying the stock (4.92) and selling may 5 call for .45 (9% cash on cash) also fooling around with TRMA calls and puts, risk/reward looks attrctive.........DYOD I just keep posting these as an alternative way to invest as I could title myself "the worlds worst day trader" ........am somewhat envious of TOL, VAD etc but at my age I have a pretty strong grasp on what my capabilities are (or not).........thanks to everyone here, my first read of the day and I appreciate ALL inputs to this blog

Gee, the Government loans a cash starved public some of their own money back via tax credits and they spend it. Whoda thunk it?

Half the population pays no federal income tax.

Meanwhile, the deficit continues soaring at unsustainable levels and unemployment remains high.

3 Cheers for the economic recovery!

and huffing & puffing their beloved GS... but a puppet can be made to do anything, and if this blows up in their faces ( which I think it will ), viewers will simply watch a new dance.. Besides, they have a job to do... get all their buddies out at the top. The more crap they keep spouting about the SEC, the harder the SEC will hit. The government Always has the last word..

NEW YORK (MarketWatch) -- Analysts at Standard & Poor's on Friday downgraded shares of Goldman Sachs to sell from hold and trimmed their price target for Wall Street's most profitable investment bank to $140 from $180. The rating agency cited a Wall Street Journal report that said the company is now the target of a federal criminal probe into its mortgage dealings as the reason for the downgrade. "Though traditionally difficult to prove, we think the risk of a formal securities fraud charge, on top of the SEC fraud charge and pending legislation to reshape the financial industry, further muddies Goldman's outlook," S&P analysts wrote to clients Friday morning. Goldman Sachs shares fell 6.8% in early trade

share flow will be interesting... remember when, at the pre-split level of appx. $ 200/shr., RTP might trade 200,000 shares on an average day... this is going to be a wild ride when the big money Really gets positioned.. I am still not forgetting BHP's offer that drove it to $ 500 ++ in a heartbeat.. the stallaing tactics in China were short lived... although the Chineese have made investments in Africa, Vale, BHP, anf Rio control 80 % of all iron ore... With Europe inventing their own version of the Fed's printing press, well, the fiat world of currency keeps marching on..!!

ADM I have a completely emotional and irrational reaction to ADM. I owned it and even though it would have decent earnings and a virtual monopoly it seemed to never catch a bid. It is just hated by Wallstreet. I know it would be zero if it sold off everyday. I just said my reaction is irrational. Probably the best value for stockholders would be to break apart the company and sell it off Part by part. The total value would be well north of $100.
Bob

The Bank of Nova Scotia is taking delivery of 1.7 tons of Gold. Info courtesy of Jesse.

Bull Hunter,

Yeah. The big news is house prices have started to rise. So every time those who've benefited by this scam buy a house what end of the price scale do they buy at? And what happens to the averages? Also what else contributes to GDP? Could gasoline at $3 make a difference?

I was in advertising for 40 + years and my clients (manufacturers) wanted direct response (reply) cards with the most accurate info possible to see if their clients were satisfied with the product and if the ads were effective.

"Virtual reality" is a whole new ball game — neither virtual or real.

http://finance.yahoo.com/career-work/article/10942...

Someone finally put their finger on it. Nails it, IMO. It explains perfectly the: (a) yawing gap between the haves & the have nots in America; (b) the increased productivity due to technology that eliminated a ton of these jobs since the early 1980's; and (c) the migration of many manufacturing jobs overseas due to globalization toward cheap Asian labor markets.

Not everyone can be a doctor or a lawyer or day-trade for a living. It would be really great if America actually made things again and made them well.

To me, this is almost as important an issue for our leaders in Washington as financial reform or scaling back the massive entitlement machine.

Thats when people get dangerous... when they are bored and pissed off ( and on )....

baz22,

"Thats when people get dangerous... when they are bored and pissed off (and on)...."

When the party switches from Tea to J&B or Jack Daniels... we may see some action.

The lies are wearing thin.

anyone see option flips happening in Mos ??

don't blame em... so, for a totally 'crap' opinion ( would have used the Senate term, but.. ), I am positioning in my favorite crap ag., ... just watching the trades, I am convinced something is brewing....but, I've been wrong before... boy, have I been wrong... but, heck, that's just the way a person ticks, sometimes... gotta have something to bitch about at the end of the year !! ( did sell cldx today- from Monday .. little heady.. waiting for ASCO in June is wearing ).. Tobyt, as disclosure, sold ORCH from $ 1.70's, sold ANDS from low $2 's.. still waiting on clsn lower, as results are aways off... sold most of ARRY.. holding BioSante (from 4 weeks ago).. and a few others

Thanks, Grym.

A great disappointment for me in this regard (specifically) is the alternative energy sector: wind / solar / hydro.

Obama (who I voted for) seemed inclined to breathe life into this nascent industry that America has a sizeable lead in. Re-training costs would be minimal given the readily transferable skill sets for our middle-class industrial base. At the same time, the rapid growth of this industry would reduce our dependence on foreign oil which remains a national security issue.

Why this movement has gained no traction is a complete mystery to me. Why is Germany so far ahead of us in the every-day acceptance of solar power? Why are the Chinese (once again) rapidly outmaneuvering us in the production of low cost solar cells? Why are we (again) squandering our intellectual capital and expertise in an industry we could easily lead the world in?

GE has a pretty healthy foothold on alt energy...it seems to me they could sure use another, more reliable stream of revenues for future growth. This would create so many jobs without much heavy lifting from Washington, yet we spin our wheels. Maddening. Gotta get folks back to work in jobs they can stay in for 10-20 years doing some good.

the water is calling ...

Maybe AIDS is no longer a growth business?
Bob

The Cara Select Latin America Portfolio briefing is now available by clicking the button at the top of the right-hand column on the homepage. The Cara Select China Portfolio briefing is in preparation and will be available soon.

nebish, ballena,

I lost money on alternative energy over thirty years ago (can't even remember the company), but won't invest in anything again just because it seems logical. I was much more trusting in my thirties — age and experience changed all that.

In addition to the subsidies I suspect the oil industry still has at least as much clout as the bankers.

What really galls me is guys like Al Gore preaching "green religion" while collecting offsets against his own massive energy use.

The solar potential in the US southwest seems the way to go, but I'll wait for T. Boone Pickens or someone else to make it a paying operation first.

While I'm thinking about disingenuous claims here's an article on the recent GM loan payback BS! Seems they're also playing games like the bankers — with our money.

http://www.sfgate.com/cgi-bin/blogs/pender/detail?...

http://bit.ly/crEPJe

Vad- Unlike the thousands of other comments I've heard about a trend change, I'll seriously consider yours.

http://www.huffingtonpost.com/2010/04/30/louisiana...

http://www.youtube.com/watch?v=ruoQEo3b97c&feature...

Lines form on my face and hands
Lines form from the ups and downs
I'm in the middle without any fear
I'm a bull and I'm a bear

I'm eighteen
and I don't know what I want
Eighteen
I just don't know what I want
Eighteen
I gotta get away
I've gotta get out of this place
I'll go runnin in outer space
Oh yeah

I got a
baby's brain and an old man's heart
Took eighteen years to get this far
Don't always know what I'm talkin' about
Feels like I'm livin in the middle of doubt
Cause I'm

Eighteen
I get confused every day
Eighteen
I just don't know what to say
Eighteen
I gotta get away

Lines form on my face and my hands
Lines form on the left and right
I'm in the middle
the middle of life
I'm a bull and I'm a bear
I'm eighteen and I LIKE IT
Yes I like it
Oh I like it
Love it
Like it
Love it
Eighteen!
Eighteen!
Eighteen!
Eighteen and I LIKE IT

What's it like to be eighteen?

(a) I get confused every day.
(b) I just don't know what to say.
(c) Don't always know what I'm talking about.
(d) Feels like I'm living in the middle of doubt.

Hey now- so that's why I love trading so much!

Eighteen and I love it.

BH, If you knew anything about the German People you would have no doubt about the authenticity of that story. Yet the question is what is the extent that German banks are exposed to this crisis. Who do governments side with?
Bob

My new favorite western ever. I assume you have seen it since it is from the homeland. That cinematographer should win a lifetime achievement award for that one movie. The night shots of the southern stars are sublime. What are your thoughts.
Bob

any disapproval of Merkel's handling of Greece is short-term. So does Merkel scrap aid if local elections show that this is the popular course? 4 German professors will use the constitutional courts to block her efforts as well. How does that go down in the tabloids - the 4 saviors of German independence against the reckless spending of Merkel on other nations.

Was listening to a couple of Frenchies commenting on the affair. In one commentators eyes it was a case of German's failing to show solidarité - standing shoulder to shoulder with Greece. But what is there to stand shoulder to shoulder with? Increased taxation, reduced living standards - all these will occur whether Germany coughs up or not. My guess is that it would be cheaper to cough up domestically for increased unemployment and to stoke domestic consumption rather than throw out cash willy nilly to the bailout nations. They did remark on a possible 'Mark v.2' which illustrates that Europe is discussing the possibility of German withdrawal from the Euro. There is no easy answer and my thoughts turn to a protracted and painful lesson in monetary policy for Europe.

As always the Americans are looking at Europe through American eyes (the CFR article). I am beginning to appreciate Vad's negation of Europe as a political entity. It is remarkably different from the centralisation of power which occured in America almost immediately following the declaration of independence (the HBO series 'John Adams' is a most enlightening illustration of the differences, observable from the American perspective in this case).

Europe tries to centralise business, labor and monetary policy across the continent while still being held responsible to their individual national constituents? My understanding now is "good luck with that project". President Obama can lose all the patience he wants with Europe. I'll take the semblance of taxation with representation this country offers my family over politics and economics from Washington any day.

Either way, it's a future of increasing instability and short-termism financially, economically and politically. The trick of facing the market one day at a time is proving increasingly valuable as a trade tool. Bill's remarks on day to day, minute to minute trench warfare are illustrative of this skill need.

edit: BOBBYO, you got me there man. Never heard of it. But when I see someone comparing it to Peckinpah and Leone, I know I want to watch it. Thanks for the heads up.

".... in Germany--a country that is known for husbanding its resources, for keeping its inflation low, and for high rates of saving--the average German is saying, "Here are the Greeks, living irresponsibly, why should I see something come out of my paycheck or my daily standard of living to bail them out?"

This is exactly the way I and many others in the US feel about the banks, the state and union pensions, the illegal day workers and all the other "special interest" group getting government largess!

Far too many people I know who, like the Germans, worked hard and saved their money, paid their mortgages and now are paying for the bankers' and government's bailouts— have been devastated in the past three years.

The anger and frustration is just beginning to surface (rightly or wrongly) in Arizona's border policy.

An article at Mish's site today about staff cuts at ABC gave me a perverted sense of justice for all the media downplaying of jobs and job quality losses for over a decade here where I live. As Mish points out this is a continuation of job deflation which has been our experience in the manufacturing sector since the start of Globalization with NAFTA in 1993!

Good Morning America - 25% of ABC Staff Fired
http://globaleconomicanalysis.blogspot.com

The human factor will be the undoing of all the best laid plans to manage us. It is what started this country 234 years ago.

Les,Bull Hunter,

"As always the Americans are looking at Europe through American eyes (the CFR article). I am beginning to appreciate Vad's negation of Europe as a political entity. It is remarkably different from the centralisation of power which occured in America almost immediately following the declaration of independence (the HBO series 'John Adams' is a most enlightening illustration of the differences, observable from the American perspective in this case)."
I loved the John Adams series (and the David mcCullough book).

Interestingly, several years ago while visiting London, I combed the book stores for a British account of the American Revolution and found no more than a paragraph or two about it in a museum gift shop. (Lots of WW2 books include the US though.)

"Either way, it's a future of increasing instability and short-termism financially, economically and politically. The trick of facing the market one day at a time is proving increasingly valuable as a trade tool. Bill's remarks on day to day, minute to minute trench warfare are illustrative of this skill need."

Amen to that! I'm hoping to see the market begin to reflect more of the real economy and perhaps we are getting close.

After reviewing the PP's for today's 136th running of the Kentucky Derby, I thought I had a bet. There is so much speed in the field that it appears to set up for a closer.

The two best closers, IMHO, are the morning line favorite, Lookin At Lucky and 10-1 shot, Ice Box. Unfortunately, they have drawn the two inside post positions, usually poison in large fields at Churchill Downs.

To make matters worse, they are calling for rain and lots of it in the Louisville area today. Wet tracks often favor speed horses. The only horses with victories in the slop have been soundly trounced on fast tracks by other horses in todays field, except for the filly, Devil May Care, who may be too aggressively placed here. Early speedster, Super Saver, has never finished worse than 2nd in the slop and early betting action is knocking down the colt's odds. What to do?

I wanted to make a value bet on Ice Box but he's never run in the slop and track conditions may be stacked against him.

Any other Caraistas into this race? I'd sure love to read your opinions.

Regards,
BH

Ohio Sen. Sherrod Brown of the Senate Banking Committee reported on Bloomberg just now that the 6 largest US Banks today control over 63% of GDP of combined assets. Only six years ago they controlled less than 17% of GDP. Brown proposes the final Financial Reform Bill will be tougher than the current House Bill.

Bill asked for comments and a focus on the report after he presented it. I am still interested in the list and am tracking some of the stocks. I posted a comment or two but this board does not seem to have a keen interest in the report. I think this is related to a distaste for anything related to HB&B recommendations. I see the report as more objective, longer term and worthy of consideration. In fact, it supports many stocks in the Cara 100 while bringing new companies into focus, especially international. You mention some that are excluded, including banks. Maybe the latter shows a lack of bias in itself.

Haliburton's cementing of the drilling pipe and process on this rig was found to have problems prior to the expolsion. An Australian rig had the same problem and blew up last year (not sure of the date), also a Haliburton client. I'd suggest the S. Korean angle is fear mongering or Haliburton's feeble attempt to shift blame. Like Cheney's friends and shareholders at a huge US contractor (he is vested in) would play that card?

I received this report from a friend of a friend on a rig near the Horizon disaster:

"The rig belongs to Transocean, the world’s biggest offshore drilling contractor. The rig was originally contracted through the year 2013 to BP and was working on BP’s Macondo exploration well when the fire broke out. The rig costs about $500,000 per day to contract. The full drilling spread, with helicopters and support vessels and other services, will cost closer to $1,000,000 per day to operate in the course of drilling for oil and gas. The rig cost about $350,000,000 to build in 2001 and would cost at least double that to replace today. The rig represents the cutting edge of drilling technology. It is a floating rig, capable of working in up to 10,000 ft water depth. The rig is not moored; It does not use anchors because it would be too costly and too heavy to suspend this mooring load from the floating structure. Rather, a triply-redundant computer system uses satellite positioning to control powerful thrusters that keep the rig on station within a few feet of its intended location, at all times. This is called Dynamic Positioning.

The rig had apparently just finished cementing steel casing in place at depths exceeding 18,000 ft. The next operation was to suspend the well so that the rig could move to its next drilling location, the idea being that a rig would return to this well later in order to complete the work necessary to bring the well into production.

It is thought that somehow formation fluids – oil /gas – got into the wellbore and were undetected until it was too late to take action. With a floating drilling rig setup, because it moves with the waves, currents, and winds, all of the main pressure control equipment sits on the seabed – the uppermost unmoving point in the well. This pressure control equipment – the Blowout Preventers, or ‘BOP’s” as they’re called, are controlled with redundant systems from the rig. In the event of a serious emergency, there are multiple Panic Buttons to hit, and even fail-safe Deadman systems that should be automatically engaged when something of this proportion breaks out. None of them were aparently activated, suggesting that the blowout was especially swift to escalate at the surface. The flames were visible up to about 35 miles away. Not the glow – the flames. They were 200 – 300 ft high.

All of this will be investigated and it will be some months before all of the particulars are known. For now, it is enough to say that this marvel of modern technology, which had been operating with an excellent safety record, has burned up and sunk taking souls with it.

The well still is apparently flowing oil, which is appearing at the surface as a slick. They have been working with remotely operated vehicles, or ROV’s which are essentially tethered miniature submarines with manipulator arms and other equipment that can perform work underwater while the operator sits on a vessel. These are what were used to explore the Titanic, among other things. Every floating rig has one on board and they are in constant use. In this case, they are deploying ROV’s from dedicated service vessels. They have been
trying to close the well in using a specialized port on the BOP’s and a pumping arrangement on their ROV’s. They have been unsuccessful so far. Specialized pollution control vessels have been scrambled to start working the spill, skimming the oil up.

In the coming weeks they will move in at least one other rig to drill a fresh well that will intersect the blowing one at its pay zone. They will use technology that is capable of drilling from a floating rig, over 3 miles deep to an exact specific point in the earth – with a target radius of just a few feet plus or minus. Once they intersect their target, a heavy fluid will be pumped that exceeds the formation’s pressure, thus causing the flow to cease and rendering the well safe at last. It will take at least a couple of months to get this done, bringing all available technology to bear. It will be an ecological disaster if the well flows all of the while; Optimistically, it could bridge off downhole."

I just got back from NYC. and there was some chaos. Suspected Car bomb found in Times Sq tonight, but thankfully it failed.

http://bit.ly/dheOah

[UPDATE: "It appears to be a car bomb," NYPD spokesman Paul Browne said. The device, which apparently failed to explode, nonetheless contained "explosive elements," including "propane tanks, some kind of powder, gasoline and a timing device," Browne said, adding, "This is very much an active investigation."] http://huff.to/cTrhRr

"Earlier, a Reuters reported that a firefighter saw "a flash" and a "mini-explosion" from the back of the SUV. Meanwhile, the NYT reported that the NYPD told Homeland Security to step down, and that they did not consider the device to be an act of terrorism."

http://bit.ly/aH2qpQ

ALOHA!!

In the Sunday April 25th HAWAII TRIBUNE HERALD ran a commentary put out by the AFL CIO (11.5 million members)that blames the big US banks like Goldman Sachs for the massive unemployment and hardships on 401ks. Somehow these huge unions never look in the mirror. The last year(2002) I ran a Public Works company in the State of California I was paying a high school/GED educated IBEW journeyman $110k per year, with benefits. I am sure that and the many hundreds of private and government sector unions with the exorbitant pay and benefits had nothing to do with the financial failures we are now seeing in nearly every State in America, not to mention globally. The LIABILITY BUBBLE we now face in America was certainly "greed" induced. Only the grand hubris of politicians, bankers and union bosses who point fingers exceeds, comparatively, the rather minuscule greed of the masses.

Here are the AFL CIO demands as presented by the latest protests and rallies in major US cities. This was actually printed word-for-word in the newspaper.

To the major US Banks:
- Pay your fair share to restore the jobs you destroyed.
- Stop fighting financial reform.
- Start lending in your communities.

Aren't these the same people who were laughing at the Tea Party last year? Hey, sounds like fun! Can "non-union" protesters join in or do we need to enter through a different "gate"?

Far be it for me to defend the high risk dicey US Banks, but I believe the AFL CIO would be better served to instead focus their protests on the US FED and the US TREASURY instead since what they protest can be distilled down to a "monetary issue", which is one of "quality" rather than "quantity". I would rather have $10 USD that has the same store of value as it did in 1913 than $1,000 USD of today's money. That is the true issue. Everything else is just a symptom, as value is lost corruption prevails.

http://www.smh.com.au/business/federal-budget/work...

Rudd promises more money in retirement for all by taxing the miners, but I gotta ask why does the rest of the Australian economy suck so badly if industry representing 9% of GDP is going to pay for a 'better'future for the other 91%?

At least he tacitly understands the inflationary environment that is going to hit us at some point in the future. An extra $100k in the 401k account probably ain't going to offset lower standards of living, but it's a start.

Forget those tax breaks for small business offset by mining 'super profits', Rudd is going to learn what it is to Australia when China catches a cold:

http://www.iii.co.uk/news/?type=afxnews&articleid=...

bon dimanche

http://ronsen.blogspot.com/2010/05/sunday-morning-...

The crowds at a local BJ's Wholesale store (seeking to buy water) forced an early store shutdown...

Les,

"Not illegal, but not economically productive either - SEC case rests on lack of material disclosure)."

I guess that's a true statement,(the first part) but looking only a little further back we can see how and WHO made the game legal. Paulson as GS CEO pushed for a raise in allowable bank margins, Rubin as Sec. of Treasury, cooperated in the removal Glass-Steagall, clever beyond belief. Summers, Barney Frank, a long list of rating agency people — all played a role. This makes great fiction, but disgusting history.

As for economically productive? Well, they get to keep there bonuses, are even bigger and the new legislation to "fix it" may end up giving them another blank check to play with.

Kaimu,

I wrote to the AFL CIO in 1993 when NAFTA was up for a vote — they essentilly said, "You mind your business and we'll mind ours." (nearly and exact quote)

I got a glowing reply from my congressman about increased exports (ignoring the jobs we sent over seas).

And nothing from any financial pub — WSJ, Money Magazine, Forbes — everyone I could think of. The Business Editor at our local rag labeled me as one of the "CAVE People" — Citizens Against Virtually Everything.

BTW the newspaper has been laying off big time here lately will soon charge for reading it online. He will not be there when I can say, "Remember when...?"

did two trades last week which may be of interest, one was conservative {use the term loosely before grym comments} and that was TRMA which I mentioned here thurs, think it has the largest fleet of oil service type boats in the gulf, the other was an aggressive option trade on BP for this month (remember its already pulled back alot this week) and that was buying the may 50puts and selling twice as many may 47.5 puts and the like amount of the 55 calls. Trade involves minus $ at entry out of pocket...above 55 would be very bad since I am naked but do not think likely and a move over the next three weeks to about 47.5 would be a home run/////fingers crossed. Baz22/thanks for the bio updates, still in ANDS as I have been selling the 2.5 calls and sold the close puts for this month on CLSN. thanks for the updates and enjoy the beach.........am really looking forward to Bills gold mining co update...

from the AP :

Greece outlined strict new austerity measures required by an international bailout and Germany said Sunday there was a good chance it would approve its part of the euro-zone and International Monetary Fund rescue before next weekend.

Germany, the euro zone's largest economy and Greece's toughest critic, will be the largest contributor of loans, but has been reluctant to release funds. Chancellor Angela Merkel has insisted Greece needed to implement more austerity measures -- a move which the country made Sunday.

Berlin needs to pass the issue through parliament before it can approve activating its part in the rescue.

Merkel said she would push for Germany to free up the funding by Friday, while her finance minister, Wolfgang Schaeuble, said in Brussels that "we have good chance to finalize the legislative process in Germany by Friday."

-------------

HB&B 48
People 0

Roubini was just quoted on Bloomberg TV that the mass deficit unchecked will keep our GDP limping along around 2% for the next two years.

Christopher Alman, CA Teachers Association Financial Planner, says they are "watching the players at GS". So--what were they doing before?

Kenneth Feinberg, the Us Paymaster, noted "the gap in perception between the way Wall street things and mainstreet thinks". He said he is looking for excessive compensation tied to excessive risk. And he can try via the bully pulpit to "try and convince any companies found to be making excessive pay to pay it back".

So-- we have a US Paymaster with no teeth to enforce? Imagine a company having a 'paymaster' with no ability to enforce compliance!

http://latimesblogs.latimes.com/lanow/2010/04/geez...

“Haliburton's cementing of the drilling pipe and process on this rig was found to have problems prior to the expolsion”

Well if that was the case, where were the MMS inspectors?

The Offshore Inspection Program supposedly places MMS inspectors on drilling rigs on a daily basis to check on safety issues such as this. If an operator is found in violation of a safety or environmental requirement, a citation is issued requiring that it be fixed within 7 days. Over 160 safety items are susposedly checked daily on a drilling rig.

BP’s Macondo prospect, part of the Mississippi Canyon block lease was sold to BP in March 2008 and approved for exploration just last year, so you would think an MMS inspector (or team) would be aboard.

The federal government receives $10B in annual revenue from these offshore drilling leases. Let's hope the cop on the beat was doing his/her job.

We’ll have to wait for the findings.

Unfortunately the inspectors are likely dead along with everyone else on the platform. The suggestion of 'former isses' was offered by a spouse of a missing man on the rig.

Haliburton has a history here. Their Montara Timor Sea explosion happened August 10 http://tinyurl.com/278ovf9

Hi Bob,

Not nearly enough. ;>) The Derby Party was great, though.

With the sloppy track, I confined my wagers to W-P on Ice Box. The proper bet would have been to box him with Super Saver in the exacta.

Thanks for noticing.

Regards,
BH

Bill you mentioned(in the WIR) UK election as being on Monday, it will actually take place on Thursday 6 May,its looking like the Conservative party might just win ,they may not have a majority.The conservative party have historically been looked upon as more responsible with the countries finances. But the scale of the problems facing whoever wins is daunting to say the least.

Bill's RSI tool show's NGD in distribution zone for last 6 days. IMHO if you have to ask the board, you may want to review what you were thinking when you bought. No one can answer your question but yourself. FWIW, some people sell a partial position just to lock in profits, but that doesn't answer your question. You may want to search on posts by papadynamite who's been active in UXG, but as always DYODD.
Edit - In fact see his post below #62045

Blankfein in essence just said "what's good for General Motors is good for the country." He may be the new General BullMoose.

.... http://www.reuters.com/article/idAFLDE6410D6201005...

PapaD - if you have available time, could you please ask how he sees the future for Minera Andes relationship with Hochschild and perhaps his thoughts on the current management of Minera. (They see to have more legal problems than most, and I'm wondering if this is going to be a serious damper on the company's progress). TIA, Chris.
FD long UXG, RBY, MNEAF

Vlad, can you offer some comments on how best to enter RIG on a longer hold horizon?

Took my lumps on the HP buyout of PALM. Should have listened when signal was "non" directional and just left after the first set of successful shorts.

We'll see if May is the turning point for the up trend. Appreciate if when you see it give us the chart on what you see.

Thanks,

Seek