YO! I'm back. Been working long hours and too busy or fried in the evenings to post.
Well you had it right, had a nice big margin call to come home to. But, what really sucks is that I wired in the cash and they still sold me out.
DISCOVER DIRECT BROKERAGE (FORMERELY LOMBARD) SUCKS BIG TIME!!! THEIR MARGINS PEOPLE ARE COMPLETELY UNRELIABLE. REGARDING CALLS, THEY MAIL YOU ONE THING, POST SOMETHING ELSE ON THE WEB SITE, TELL YOU SOMETHING DIFFERENT ON THE PHONE AND THEN SELL YOU OUT ANYWAY, WHETHER YOU HAVE WIRED IN THE CASH OR NOT. TIME TO SWITCH FIRMS FOR ME!!! I WENT THROUGH THIS BEFORE AND THEY'VE DONE IT TO ME AGAIN (AT LEAST ONLY ON ONE OF MY TWO ACCOUNTS THIS TIME....YET).
What a completely knee jerk overreaction to INCY's moves by the markets. It indicates to me a complete lack of knowledge on the part of the sellers. Of course, INCY's press releases were about as clear as mud. If they would have bothered to mention that INCY GENERAL would still be making money, and that the new company would be mainly funded from the outside and not be pumping cash in, then I doubt the reaction would have been so big..... What they should have done was just bought Hexagen and kept their mouths shut for a while and then formed the new business, but they had to make a big confusing mess out of it. Essentially, what they are giving the shareholders is the same old profitable INCY and a new young INCY, ala 1993 that will also grow big and profitable down the road. But, they didn't really say that very well.
But, the markets in general are like a big snow ball rolling down a mountain rapidly turning into an avalanche. As money flows out of the mutual funds, they will need to dump stocks and of course they'll dump biotechs because it seems like the thing to do since they've sucked for years now.....and they will seem to suck more and so will cause more sales. SEEMS LIKE PANIC IS SETTING IN! Hell the net and the stock sites are still clogged at 11 PM PDT and access times suck! Seems like a lot sucks right now eh! I of course am the one to blame, everytime I go on my Dude Ranch Vacation INCY tanks, or the Norian IPO implodes or something nasty happens in the markets. Plus I double jinxed it because after two years I am working again! Only consulting, full time, with more interviews lined up, but the money is better than what I make on salary anyway. I'd better be working though as my INCY stock is fast approaching worthless and I still need to pay for my vacation. But what the fut it's only money, I've still got my health and a great family.
My advice: BUY AT THE BOTTOM! No wisdom better than the obvious! Good luck figuring out when that is. My guess is that the big DOW and S&P 100 stuff is really going to keep dropping as the markets continue to panic. We are already deep in a bear market, just not many people have noticed. Time for Alan G and his band of robberbarons to CUT INTEREST RATES TO STIMULATE THE ECONOMY OR DEFLATION IS GOING TO SCREW US ALL!!! Of course they are still worried about the evils of inflation because of spot labor shortages (need more of them foreign programmers to come and work cheap instead of hiring them old ones over 40 who like to have decent pay, decent work conditions and a family life) and consumer confidence used to be high (not tonight though). Of course the commodities markets have tanked because the rest of the world has stopped buying and our inventories are going to pile up and prices will continue to drop while productivity improves due to technology improvements, but hey the OLD FARTS ON THE FED ARE STUCK IN A PRIOR DOGMA, so I doubt they notice. Look out economy the recession is rolling your way. Of course it too will be here before most anyone bothers to notice. One rosy spot is Venture Capital backed companies, they've got tons of long term oriented cash to spread around...glad that's who I work for.
Now, on to the important stuff! Great vacation for the most part! Wife and kids loved it, and so did I, except for one incident I'll detail below. Did lots of swimming, shooting, eating, hot tubbing, got my face smashed in volleyball..amazing what a wet sandy volleyball will do to a pair of plastic glasses lenses, like about a 1000 scratches, but I only bled a little and the ball went back across the net for a point. I got in the first shot though as I'd already given the infamous Ranch staff net spiker one in his face first and his didn't rebound for a point. And the riding was great. I've never ridden so much or so fast. They got me on a REALLY fast horse, CISCO, and we did some great full out gallops up the mountains. WOW could Cisco fly. Got some more scratches in my glasses from the branches whipping me in my face and we did these incredibly steep rides down the mountain too, ducking under low tree trunks that were down. But, the damn horse had no brakes! He liked to run with his nose in the ass of the mare in front of him. The wrangler called it Salad Tossing, (which means eating cum from a butt full of it - and this was a woman wrangler I might add). I'd short rein him and pull as hard as I could and he just didn't give a damn, he was going to keep up hell or hard curve. This horse had the hardest mouth of any I've ever been on. But alas on the last ride of the week, I had a close encounter with gravity and momentum - talk about a great rush..of course I'm still feeling the pain though. We were in a full all out gallop up the mountain and heading into a hairpin turn with overhanging brush on the inside of the turn and my horse who was faster than the one my wife was on was trying to pass too. Well, like the fool that I am I leaned out away from the brush, which caused Cisco to go too wide in the curve, go up the outside embankment (RE: mountain side) and I never could get my weight shifted back to the inside foot, well, with the onrushing trees, etc. I sort of bailed (fell, flew, slid, etc..) off the side and did a nice bouncing slide along the embankment. It wouldn't have been too bad except for the granite outcropping that brought me to a sudden stop via my right hip and arm. I got a Love Handlectomy shall we say. You've heard of road rash, well, this was trail rash. I left a lot of skin behind and got some great big scrapes and bruises. Plus I ripped the shit out of my Coffee Creek Ranch Party Patrol T-shirt, which was what really bothered me at the time. Since I was landing on about a 70 degree embankment, I didn't really fall far and there wasn't much impact, more of a skid. If I had been wearing a flannel shirt (like the wranglers always do) I probably wouldn't have lost any flesh. Well, the wrangler fixed me up with Horseman's Dream Linament ("for dogs and horses" which I probably qualify as), which I've used all week since and I'm mostly healed, but still a bit tender on the hip. I of course got right back on Cisco and like the fool that I am did some more cantering up the mountain, but not quite as fast as we had been going. Even did some serious bushwacking through unbroken trails afterwards (now that hurt, but was so cool and steep that I loved it too). I did get a medal for being the stunt rider of the week though! Can't wait until next year so I can go back and abuse myself again.
The other ironic bummer of the week was that after a full week of fast riding everyday, my wife threw out her back changing the kids pullup on the morning we were packing to leave. Since we were both now hurting and the kids were being wild and wooly as hell, we blew off touring the volcanic regions of the state and cruised home early for some much needed Vacation Recovery. She has since been fixed by our chiropractor and everyone is back in school so:
SUMMER IS OVER OFFICIALLY NOW!!!!! Time to get serious - YEAH RIGHT!?!?!?!?
Rman enjoying life!
PS: V1 you bailed on ENMD too soon dude, all the other shorts bailed today in the $15-
$16 range. It's going to tank somemore.
Henry: what the hell is happening to LGND? Is it the next CYTO?
Norian Hired a REAL CEO, President, Chairman, David Fitzgerald, the former 15 year President and CEO of Pfizer's Howmedica division. Now that is GREAT NEWS!!! I smell good things coming.
Later Y'all, I've spammed you enough. Payback for the 230 emails in my inbox... |
