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3/9/09

Trading Post (early transactions edition)


For what it's worth the optimum $13+ didn't appear in Vale (RIO) so I shorted a little lower than planned at $12.77. Let's see how it goes, but sub $11 is the first target. And in a rush of blood to the head, your normally cautious Otto has unlocked the wallet twice in one morning by adding to the long position in Cosan (CZZ) at $2.41. Average is now a touch over $2.45 and I now consider this to be quite a chunky investment position, albeit with a short-term outlook. DYODD, dude.

Fortuna Silver (FVI.v) down a penny at $0.96. A message to reader T.M: My opinion hasn't changed a bit on this, neither have the tactics. If Mr. Market is kind enough to offer sub $0.90 then (as long as you DYODD and are comfortable) that's the place to add.

But the main market move today seems to be crude oil, with benchmark WTI up 5.1% right now at $47.84. If memory serves that breaks through a recent resistance level (though corrections on that gladly accepted). As for local O&G stocks, Ecopetrol's chart catches my eye; is that a double bottom there?

Fundies aren't so bad in EC, either. The plan to emit U$8.1m in bonds is still on the table and there's plenty of institutional support for EC, methinks. I don't own and never have, but I do reckon it's worth a decent looksee here.