Housecleaning – mostly Mea Culpa's…and an OIL TRADE

First – an apology to James Altucher of, hedge fund manager and longtime internet trend writer (a good one). I have written very kindly about him here and he knows I like him. I had no idea based on the awful press release and TechCrunch version that he was the founder of If I knew, I would have spent some time at the site before goofing on them (he tells me his wife calls it as well). It has more cred with me. More good news is that his content just got brought out from behind the Berlin subscription wall and is availlble daily at The Street . Check it out. And James – get up to date on mybloglog.

A good explanation about how the press release does not do the deal justice is offered here. They should also release these press releases with the thousands of stock bloggers in mind.

Next – I am poleaxed in USO and the remaining small oil positions that have long been broken. Break the rules and get bitchslapped. Winners become losers.

Next – I bought puts yesterday based on the CNBC all time high widget for the DOW. What a putz. I am up on Fedex and butchered on SMH. It’s totally not my style anymore so I deserve worse than I have gotten so far.

Next – Sold my Real Networks. I don’t believe in them and was chasing a dream. No harm, no foul, but since I am getting off margin into this great run, it is an easy deciosion to sell stuff that means nothing to me and has no trend. GONE.

Next – Same for WEBX. Taking a loss and moving on. I am back in above $40. No idea why this did not get going more. I was long in the high 30’s.

Blogroll update -adding new blogger but longtime Bloomberg journalist Jim Kingsland to the blogroll. He is cool for an oldtimer :) . He just gets blogging. Read him.

Finally, The OIL TRADE.

I think a big trade lies here. To the long side.

All ideas are appreciated. Brina Shannon, Shane and Fly – get on it for us.


MORE ALSO – The paired trade contest closes tomorrow after the market. Get em in. I can’t believe I chose Malaysia over BIDU. For those that have not entered, I am doing half the work for you on this (BIDU).


  1. Broker A says:

    I must be winning your “pear trade” contest– with my GROW short.

    Also, I have plenty of paper in oil– but I think it trades lower– short term.

    Let’s face it: It’s 60 fucking degrees in NYC!

    Literally, by when the next cold front is forcasted.

  2. Bill aka NO DooDahs says:

    Best of luck with oil. I think it is dead for the year, possibly longer. It was a great ride! but all trends bend at the end. If you see the contango in futures unwind over the next few weeks, you’ll know I’m right.

  3. Fly – TRF down 10 percent today as well so steve and I are right there with you.

    The weather is truly amazing on the east coast.

    looking forward to hooking up with you next outing in new york.

    Chris Perruna as well.

  4. Bill

    I am going to stay away from the trade. I have to agree. The trend is done.

    I am too far removed from the trading world to have a good reliable feel these days

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