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4/14/09

Trading Post (total recall edition)


So Bernanke reportedly sees "signs of recovery". He also saw flying green lobsters after inhaling on the very large doobie he must have smoked before giving his speech today.


Petaquilla Minerals (PTQ.to) down 7.6% at $0.60. Question: What do you call a company that announces its first gold pour BEFORE receiving the necessary enviro permits? Answer: A bunch of lying shits. It's going to be interesting to find out how many shares Fifer sold to the recently bought in suckers when he next files. This is Latin America's worst mining company and a shame on all your houses, Canada.

Southern Copper (PCU) up 0.7% at $21.26 and touched $22.5 earlier. And Otto called it a sell for traders at $21.00 yesterday, proving once again how much I suck at the short-term stuff. However PCU is a long term hold Chez Otto and will stay that way. Spot copper can't decide whether it wants up or down...I'll be writing up a further muse on copper later today.

Chilean ETF fund ECH (ECH) up 0.2% at $36.76. This has performed well since we last outlined it in the $33 to $34 range recently and has benefitted from strength in the Chilean Peso (CLP) (which has in turn got love from the rise in spot copper, natch). However it might be time to take profits on ECH, as copper's run is likely over and the CLP dived quicktime this morning on country macro downgrades.

Cardero (CDY) up 5.6% at U$1.18. I wonder why. Volume small.

Corriente (CTQ.to) /ETQ down 2.2% at C$6.79 and Desjardins, your time is up. On March 13th Desjardins confidently announced that Corriente would be sold to "the mystery buyer" (repeat, starts with a T, ends with a G, has 'onglin' in the middle) in "two to three weeks". So shock news that another Canadian house is shown to be a bullshit pumper, as here we are over a month later and it's crickets and tumbleweed all round.

Hey, CTQ might still be sold, but gimme a break about these suits being all-knowing and reliable, yeah? So Desjardins, you win this week's coveted award. All yours, dumbasses: