To all of you nightowls...have a great day tomorrow!!!! Calling it a day!
Newman...
Thanks for the post. The trouble we have is we are still in correction mode. We don't know what big money exactly is still wanting to get in or when. I certainly agree that there will be a pull back eventually but first it has to be proven that buying has dried up (at least temporarily).. That was not proven today at least, or in AH. I think more people are fearing missing the boat which is keeping interest high. And in the face of that kind of continued buying interest, shorts are essentially neutralized, in fact they are even vulnerable. They can hold but not drive down. The SP is still too low for enough selling to overtake the buying pressure. If the right player shows up any day with the right share load, it has every chance of causing the shorts to retreat again. It's conceiveable that we could finish this week even higher then maybe pull back slightly. Personaly, just like in any other market run, I think we're going to need some kind of capitulation event, which most likely will be violent up and then a free fall to some level then a bounce and settle. That may be how this correction takes a breather. 9 or 10 up days here is not out of the question before a pull back of your description. All depends how many more want in. IMVHO...
Unfortunately I'm I Orange County CA transplant (came over to houston in high school circa 1993) so I missed the details of Texas history. I've got the basics down - Texans beat out the Mexicans and established Texas as an independent nation. America begged Texas to become part of the US and TX agreed - with very important specific terms. Although I won't go into the real terms of statehood, as a sophmore in HS I learned that football is more important than any past events. And I agree - although I was too small, slow and unathletic to play at the next level, there's nothing on this planet that can rival TX Football under Friday Night Lights (except maybe a bounce to $2 for SIRI).
hahaha, just heard it on tonights "Moment of Zen" from The Daily Show. President Obama was doing an interview and filling out the NCAA Basketball brackets the way he thought it would go down and mentioned that he would be busy with the upcoming NATO summit but that they would be watchin on Air Force One. He said... and I quote "Air Force One DOES have Direct TV" Go Liberty, Go SIRI
Just read this on a news report, what does it mean
Sirius XM notes registered for trading
2009-03-18 15:42:00
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That $172.5 million of notes due in 2011 that Sirius XM swapped for notes that would have been due in December have now been registered for public trading. So, we now know that the biggest chunk was held by a group of John Hancock bond funds. What we don’t know is whether the old notes were bought at the original issue price, or later at a deep discount.
Six different John Hancock funds are listed as holders of the notes in the SEC filing to register the new issue for public trading. In all, the John Hancock funds hold notes with a face value of $55,395,000. Goldman Sachs and Co. is next with $32,808,000 held by its various units, plus another $16,775,000 held by Goldman-managed Liberty Harbor Master Fund I LP. Long Island International Limited, controlled by Barclays Capital, and Credit Suisse Securities are each listed as holding $20 million. 10 other investment funds hold the remainder.
Under terms of the swap, the new notes will bear interest at the same 10% rate as the old notes through December 1, 2009, to be paid in cash. From then until December 1, 2010 the notes carry a cash interest payment of 10% plus a payment in kind (PIK) payment of 2% annually in new notes. From December 1, 2010 to the final maturity date of June 1, 2011 the cash payment will be at an annual rate of 10% and the PIK payment at an annual rate of 4%.
I would not be surprised to see a pullback today and then start running again Friday or Monday.
Have all the troops gone AWOL?