A bunch of years back I used to trade with this guy who remains a very good buddy of mine and we used to say "bonds up, oil up, spuz up" everythings good. If you think about it how the heck can those three things move in the same direction? Oh well food for thought.
Back to the market - it has to be getting exhausted - it just has to be. I sold some Nasdaq mini futures at 1616 - the nazz is up 50% form the lows - take a breather - digest it - go spend some of that money you made longs.
I have mentioned HOV and HOVNP a few times - HOVNP is a preferred share class of HOV (a homebuilder that has not made money in a loooooong time) HOVNP is a $25 par preferred currently trading at $2.41, HOV common is trading at $3.15 - huh - why is the common trading at a premium? Who knows. HOV has been buying back debt in the market place at between 40 and 70% of par - this preferred is trading at 10% of par - thats just wrong. Im long HOVNP and short HOV - I want HOV to launch an exchange offer (kinda like what Citi did) and take me out of my preferred at 40% of par or $10 a share. But then again I want a lot of things.
JB
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