Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	7/17/2002 12:18:41 PM
From: SliderOnTheBlack	Read Replies (3) of 36161

Subprime financials take a hit ~ whodathunkit ? Message 17711647 ["FWIW: 10% short - homebuilder/Subprime CC & Mtg Lenders/tech 10% long - airline toe dip, some gas/power plays 15% long - Gold/Silver Stocks 3% long - physical Silver/Gold 62% CASH... and 110% patient - waiting for an "Event Driven" crisis to deploy into. "] Closing out some Subprime shorts here... made nice hits a while back in CNC (it's going BK when, not if) sold too soon on PVN missed the bulk of the implosion, but made a nice lick a while back - the entire suprime credit card group is in trouble. Closed out COF today ie: Pigs get Fat, Hogs get slaughtered...still holding CCR short on the end of the "refi boom" and HI (another subprime laden PIG)and hae some C "puts" that I'm still holding - Citi buying Associates/Commercial Credit etc - made Sandy Weil the largest purchaser of $hit in the history of the free world... those 2 consumer financials hold more $hit - than anyone will ever know... Not large enough to ever bring C down... but, I predict they'll ultimately have to blow them out in due time...ala Tyco's spin out of CIT at a huge loss. I might take the "C" money here soon ... on the fence now. I closed out a JPM short way, way too early... I think their Derivates/Liquidity problems are real. Waiting for a little "pop" in my toe dips into Drugs (BMY MRK ), Gas/Ute's (EP WMB) and Airlines (LUV AMR UAL DAL CAL). Unfortunately, I'm awafully close to stopping out on the Airline basket (vbg) - I'll bag this one someday ~ If the HUI holds a triple bottom re-test of 120ish here...the Bollinger Bands are narrowing and setting up another run up & test of 150 resistance imho: stockcharts.com[w,a]daclyyay[dc][pd20,2!b200][vc60][iUk14!Lg]&pref=G Might be a nice re-entry opp in the Gold's real soon here.

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