Hello Pezz, Last Night’s Report:
I sold my tranche of Cameco, the Canadian uranium mine, for USD 46.02/sh, netting 6.6% gain off this Message 19452670 <<October 31st, 2003>>. No big gain, just continuing to rush towards cash. Do not get more alarmed ;0)
I have some quick thoughts:
(a) Remember the nature of the beast that is the market achamchen.com . It just reamed the folks who were betting on high gasoline prices that should be this summer, and handed them a surprise cbs.marketwatch.com “Oil futures fell Friday to take their total loss for the week to more than $1 per barrel after the U.S. Senate moved to cancel a hefty delivery of crude oil to the nation's oil reserve.”.
(b) The beast also threw up all over the gold bugs, sending USD up and gold down (DUGD), when, by all except perhaps two logics (i.e. genuine sustainable recovery, or just a trade for the pranksters), it should be GUDD.
(c) The ugly untruth that ”Europe has slow growth” is once again making the rounds, all dressed up in the same rumpled clothing, paraded about the dance floor of the Titanic, panicking the crowds who were all on one side boat to rush towards the other, away from fondling Euro and into the embrace of the Dollar. Why untruth? Untruth because higher GDP growth in the absence of productive employment gain is a faster appointment to economic hell.
(d) The more leveraged the gambler, the larger the loss from last night’s dance.
(e) I am anxiously waiting for the result of a not-smart wager, one where I took an outsized gamble on a dramatic and quick recovery of Travelsky, the Chinese ticketing system company, that got hammered this past Friday in Hong Kong. I want out, one way or another, win or lose, in the first few days of the coming week.
The HK market on Friday was tanking from the NYSE close on Thursday, the Hang Seng index went minus 1-2% (held up by the 40% weighting of the largest shares that are actually not HK companies in the strictest sense, ie. HSBC, Petro China, China Mobile, PICC, China Life, Hutchison, etc) and the rest of the shares were punished for minus 5-6% intraday.
In the case of Travelsky Message 19908422 , the market punished the company by minus 22%, thinking that 1.3 billion folks in China will stop milling around because of a terror attack in Spain.
Friday close in HK, Travelsky finance.yahoo.com down 18.54%, at HKD 6.15, (equivalent to USD 0.79)
Friday close in NY, Travelsky uk.finance.yahoo.com with no trade, at USD 0.94 (equivalent to HKD 7.33), the post Madrid Thursday closing price with merely 5,000 shares traded. No liquidity and therefore no indication.
We cannot draw interim conclusion until Hong Kong’s Monday trading.
J |
