Although he looks alone, somebody wants him on the phone.
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Wish I could have sold this above $15 today, but as I said earlier, that was a wrenching few minutes. Oh Well.
I don't normally like to hold FAS or FAZ overnight, but I think it's safe tonight.
I lost more than $10,000 for about 30 seconds there!!
Whoa. OK, I'm resucitated.
EXC was forty two cents!! I almost bought it there!! But I was too busy being passed out on the floor to take advantage of it.
It's getting real ugly in Greece.
It's spooking the financials. I don't like it, but you've got to take the money the market tries to give to you.
I'm in FAZ today too. Wished I'd have bought it Tuesday morning.
RIFIN 800 looks very do-able.
"The right news could do it."
And therein lies the problem, doesn't it?
And don't forget Roger Babson!
Unfortunately, I don't think there are any videos available.
Uh-Oh... If Tony Hayward is correct in this article, then that's troublesome.
He said "the real issue is the failure of the safety equipment," a component called the blowout preventer which is not managed by BP.
"That is a piece of equipment owned and operated by Transocean, maintained by Transocean; they are absolutely accountable for its safety and reliability, and they report to the regulatory authority for its safety.
http://finance.yahoo.com/news/BP-oil-leak-will-be-stopped-apf-2961931187.html?x=0&sec=topStories&pos=3&asset=&ccode=
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LOL, within minutes of my sell, it ran up another 60 cents!
But that's the way that always works.
I'm just scared to hold it through the earnings announcement.
I'll be back tomorrow.
It's too early to let that enter the equation. I mean, Transocean's underwriters might sue BP or Haliburton for losing the rig, who knows?
This will all come out in the investigation, and that will take many months.
Right now this is in play because of the sharp loss in market cap. I've made some good money here, but watched some of that fade away. I'm selling at $72.76, and it looks like it may go within the next few minutes.
Yeah, but that's just Meredith Whitney.
I mean if you listen to her or Nouriel Roubini, you think it's all over. Doom, Gloom. The world is coming to an end. Gosh, you have to wonder why the world even bothers to keep on turning.
Anytime those two Doom twins get any airtime, especially on the same day, you know it's time to load up on FAZ.
This was on CNBC the other day:
http://www.meredithwhitneyllc.com/press_video_home.php
It's not that the banks have forgotten how to price risk, it's just that they can't properly price it, because the FED continues to hold interest rates at artificially low levels.
If those containment domes work, RIG is going to be a hero. The way I understand it, this work is being done by Transocean. However, if the domes get crushed, or otherwise fail, then who knows.
If this leak runs for 3 months, then it's going to be a real big disaster, environmentally and for the share price.
One of three leaks has been capped.
First containment chamber will be installed tonight, or tomorrow.
Earnings release this afternoon.
Volatility, here we come.
Nope. The RIFIN is oversold. Take your profits from FAZ and buy FAS.
The big difference between now and when we set the previous lows, is that the financial sector is profitable now, versus on the brink then.
3:1 forward split!
OK, here's the turning point.
Time to buy under $32.
No buy in point today. I thought it might get ugly, and it did.
I should have bought FAZ at the open.
The market gets mauled and RIG finishes about even.
The "bottom" feels firmer.
Sovereign debt rears it's ugly head again, just when we thought it was behind us.
FAS will open more than 2% lower, buy that may just be a buy-in point.
Factory orders and home sales data comes out this morning. That could change things for the better, maybe spark a rally.
Too close to call. We'll have to wait and see.
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Okay, only a 4.85% gain.
Sorry about that.
Think about it.
By law the liability belongs to BP.
The operation that led to the explosion was being conducted by Haliburton.
The failed blow-out preventer was built by Cameron.
Now moving forward, it's Transocean that has the submersibles needed to conduct underwater operations, inject dispersasnts, and install the containment domes. Releif wells will need to be drilled, and rigs and platforms need to be supplied for that.
In other words, in a great twist of irony, Transocean stands to be paid big bucks by BP in the process of getting this mess fixed.
To say that BP might go after Transocean to share in liability is certainly a good question, which I have no answer for.
But yeah, I'm thinking this is oversold.
I'm in at $70.76.
This is way oversold. I'm hoping $69 was the bottom.
We'll see.
I think if there is a play to be made with this unfortunate situation, it is RIG.
They were leasing the platform to BP. BP has a problem, Haliburton has a problem, and Cameron especially has a problem.
But except for the loss of this one platform (insured?) Transocean really has probably the least of the problems associated with this disaster.
Trading at a P/E of 7, this is really looking attractive.
Progress on Greek debt, M&A news with the airline merger, and positive statements by Warren Buffett about Goldman's over the weekend make today a FAS day.
I'm hoping for better than a 5% jump today.
Yes, that's right, the RIFIN. Thanks.
Take a look at the i-box. It's been cleaned up. The conspiracy theory stuff, and dead links are gone. We will try to keep it clean and limit it to information directly related to FAS. (And yes FAZ, as you can't have one without the other.)
I suppose they don't have to include Goldman, but they do. FAS is designed to replicate the Russell Financial 1000 3X. So you have to take the good with the bad.
Each day Direxion makes available a breakdown of just where FAS is allocated.
http://www.direxionshares.com/holdings_fas.csv
And the troubles with GS, which is a significant component of the Russell 1000. That is a weight on FAS also.
The i-box here contains virtually no information on FAS, Direxion Shares, or the Russell 1000 Financial Services index upon which this ETF is based.
That could get fixed.
The last time The S&P was below 700, the Russell 1000 Financial Services Index was under 400.
I hope you mean that you will ride FAZ down to that level. I think FAS would be priced in the teens, if not single digits if that was to happen again.
If you held this from $92, I hope you got out above $110.00. Uncertainty over financial reform will weigh on this for the near term.
I've been trading FAS and FAZ for a little over a year now, and found them a great way to play the financials.
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Not wondering or caring is a poor strategy in Pink Land.
We're all here to make money. The only disagreement is in the details.
shanon:
Re; Youth Water. I'm not from Florida, but I've been down there a lot this year, mostly in Palm Beach and the Keys where I wouldn't expect to see it anyway. I did spend a little time in the area that arcs from Port Charlotte through the Tampa area and Winter Haven in mid-February.
If it exists, I would think the Tampa Bay area would be the most likely place to find it, but No "Youth Water" to be seen anywhere. Zephyrhills is the most popular bottled water in Florida. And of course Dasani and Aquafina with their bottled tap water are a big presence.
"Coral Water" was real, but has already gone out of business.