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12/3/08

Trading Post (price of honesty edition)


Freeport McMoRan (FCX)
got murdered for being honest today, the PR mentioned before the bell today sending the stock down 19%.

To compare, PCU is 3% down. Otto sez that FCX is now the best buy of the two. With the decks cleared, give the stock a couple of days to settle and then it's a trading buy. FCX is now front'n'centre on my radar.

Dynasty Metals (DMM.to) up 2% at $1.38 and also up on my screen. Volume is still fiddly and I'm still not bought. Get more info on DMM.to from here (five people have already.... come join the club and make my kid's day).

Wells Fargo (WFC) up 4%. Most definitely not my normal stomping ground, but I thought I'd pass on a note received from an e-mail friend today. He wrote:

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I got forcibly bought in on a short WFC position. Fortunately, no harm done.

I've been watching this for a while and it is very odd. WFC is widely held, huge market cap, and has a 3.2% short interest. I've had the position for several months. The broker claimed that they were "unable to borrow shares" and that "new SEC rules require prompt settlement." If that was the case, I would be bought in three days after the trade.

There is a lot of funny stuff going on these days.
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Draw your own conclusions on that one, but interesting, no?

Mag Silver (MVG) U$4.58. If you have it, sell it. There's no counterbid coming so you may as well bank the money now. Well played, FRES.L. Mr. Market even offered $4.70+ this morning; if I held MVG (or MAG.to for that matter) I would have jumped at that price and sold the lot.