Originally Posted by
Big Ben
I added to my position in FAZ this morning, 14.67. I believe we will see a nice snap back in the coming weeks. The markets are losing steam as they approach prior highs. I am praying the Fed says something about raising rates. I am down about 25% on this swing with FAZ, I have added the entire way down. I am levered to this baby now. I still own 600 shares of FXP which has hit and formed a nice bottom. I believe this is also a nice short term play on China cooling down. As for SIRI, do I have to drop the dead money term, or is that common knowledge? Mel got me again! I own 5000 shares of that garbage and of course the pom pom crowd got me off the fence above a dollar....pricks. I could have used that 5k to dollar cost average into my short positions. Mel wins again, this is a common theme with siri. I wonder if we will ever see a dollar again, naturally. Not with a 50-1 reverse that is looming. Have a good day, its a wonderful world out there, not so much.
Side note from the insiders at Fidelity/LPS...housing has another 15-25% downside risk. The shadow foreclosures market is growing and the banks are not even marketing them, they won't even sell them short for cash. I personally know of 5-10 foreclosures where the Realtor has multiple buyers, some cash, and the banks won't even return calls. They don't want to get taken to the wood shed, but its inevitable. I still believe this rally from last March has been a re-inflation of the prior bubble. I would protect my gains going forward, I think this "rally" is getting a little long in the tooth.
Good luck today
Big Ben