Clawing back for the month , working back towards even but todays movement knocked me back a bit...HOVNP has done well but not nearly as well as the rest of the junk credit world...if it had it would be trading 8, 9 bucks instead of 5.5. On days like today i need my horses to work for me, the company is retiring more debt and the market yawns...AMR is offering converts tonight and they are bid up 8 points in grey market....8 points for a junky airline....and I cant get a few bucks on my housing name that is retiring debt WTF???
The return from the bottom, which is now being constantly discounted as an abberation, is 60%.
We are a country of fools, collectively, rash, stupid, shortsighted and now we are inflating a new equity and credit bubble with debt and equity offerings flying off the shelf at a rate last seen during the internet boom. Who trades like this who buys the market everyday? It can only be the fed, attempting to alter reality or the assholes with their computer algos hunting for fleeting alpha. If this keeps up it wont be long till the bald commentator is the fed chariman...why not? He is the only guy who everyday sasy buy em, i love em ,stocks are cheap etc....
Im in for a bunch of secondary offerings tonight, watch the crash ensue just as I get long some names in these silly offerings, I have hedges in place but those are always a waste of money...I think when this pathalogical equity buying stops the SPUZ are going to drop 100 bucks in a day, and then they wont rally.
JB
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