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10/24/08

Trading Post (reports of my death edition)


So much for the end of civilization today, eh? Sure the indices are down, but no worse than the big crack day a couple of Fridays ago.

The Lima Stock Exchange wins this week's "chickensh** yellowbelly foetal position award". Instead of allowing the course of the free market to run, it decided to shut down operations "in a preventative move" just after the opening bell. Remember, this is the country that suddenly wants to be taken seriously. Frankly you're better off in Argentina.

I could have tripled down on JAG this morning under $2.50, but I'm a chickensh** too, remember. Since then the stock has bounced back very nicely. I'm planning to sell at a profit later this afternoon (avg at $3.04).

Why at a profit? Because I think the broad US markets will rally hard this afternoon and end green. I've positioned myself in a stock this morning (small trade) with that in mind. Not much point in telling you exactly which one, because all boats rise on a rallying tide and you can play your own favourite. It only remains to be seen how much crow I'll need to eat after writing this block :-)

Gold is making a nice move, as $680 to $740 is not to be sniffed at.

MTO.v up today. I'm glad to see this one moving up as it got hard hit yesterday and this morning. It's also the subject of my NOBS report that I'm giving away for free, so if you want to know more about Metanor drop me a line and I'll send you a copy. When I wrote up on the company I thought the MTO.v guys were a good proposition and that thought hasn't changed just because gold has semi-dumped since then.

UPDATE after the bell: I sold the JAG and the other mystery position (both green, happy to say) and I'm weekending in cash. However my Dow call sucked, as some smartypants I call a friend just pointed out to me via this picture he sent. Pass the salt, please..........