We participated in 5 Secondary offerings - 2 are winners, 1 was a winner but only because we sold fast, 2 are losers - the S&Ps have turned lower phew...The reits are once again getting jiggy with it flying out of the gates - that's putting a hurt on me. HOV and HOVNP is performing quite nicely. Texas Tea is down about 1.5% in the early goings, Natgas is getting hammered - and Chesapeake Energy (CHK) is flying higher go figure - I think its a crowded short - luckily for once Im not involved - but Im thinking about looking for some downside backspreads in there.
Hoping for lower prices as usual
JB
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