I hear ya, STAGG...you have been righter than rain when it comes to SDRL...I think we will see it in the 30's, and then I will revisit....ditto with SFL as I fear its going into the low 15's....CVI holding up very well.
This market is over bought, and must adjust....I am with Mark here...raise cash and wait it out.
But...SFL, SDRL, and m REITS have proven to be weak sisters in a down market...I would also add refiners and fertilizer stocks, even those with high dividends...my advice is stay away from these when the market goes down.
If you can catch them at or near the bottom, especially SFL, some of these will really shine when the market settles down....right now, you are better off with cash....JMHO.....O/T...thank goodness I second guessed myself and sold IEP yesterday.
Still holding sm Regional banki, AEG, PSEC, NRZ, LINE, STON, etc.......no weak sisters...as a consequence, my account is relatively unchanged today.
After reevaluating the situation, I think lower prices are coming for IEP...my advice is wait till the dust settles before buying....glad I sold SDRL and SFL....neither are doing very well...
Bought IEP for $134.....dillution 2%, stock down 9%??? Its a buy here.....Ichan will use the money for more
investments to make even more money....BUY!!!!
What will that do to the silver they were supposted to sell SLW at $3.90 an ounce? How many other deals like this will fall through because of the declining price of silver and escalating costs of mining it? Can SLW take over the mines? I will bet that there are any number of banks ahead of them in the que to recover lost investments....I see the lawyers getting very rich in the near future, and lower prices for SLW. Being a profit streaming company is great until the profit stops streaming, and the source of the profit goes belly up.
SLW obligations will not be met, and Silver Wheaton will drain them dry at $3.90 an ounce....producing silver at
a cost of $25+ an ounce, and being forced to sell it at $3.90 is not good business.....read Seeking Alpha article for reinforcement of what I have just posted.
Unless they know ahead of time that whatever they present will be taken as a dissapointment....I am still holding, but nervous.
PLEASE keep posting One Dumb....you are the best source of credible info on this board.
All the QE's have done nothing for the economy. Only the banks are better off, since they just adding to their reserves, keeping the money in house and make money off the interest rate spread. They did not lend it to anyone an thats why there is no inflation as this money has not entered the economy...lower rates have helped bowerers lower their cost of borrowing money, and lowered their interest payments, and that has help every de leverage somewhat, but many have re leveraged their bets on the stockmarket. The endless QE's have inflated the stock market to the point that we actually believe that this false wealth effect low rates have created, is actually a good thing...it is not, and eventually, it will end badly, IMO. Rates must go up, and when they do, we will all get hurt...thats why I am moving money slowly but surely into investments like sm regional banks, BAC, AEG, AB, etc, that will actually benefit from rising rates.....sell weak sisters, and stay away from m REITS and PM's...they are poison in this environment.
Stock has momentum....I thought it was frothy at $130...it may take a rest here, but it also could go to $160....I would be a seller at $144 though.
Now $143 and rising....should have sold everything I own and just bought IEP....follow the money...Ichan is the money......mREITS getting killed....may be time to nibble.
Was lucky enough to sell at 9.95.....bought at 6.36.
Good move, STAGG.....there should be plenty of opportunity, as I fear this market is not finished with a correction....add tax selling, and this could get ugly....sell those weak sisters, STAGG...no time to be long mREIT's, although they are pretty beat up right now, as is SDRL...may be tto late to sell them.....you can buy back mREITS, SFL and SDRL at lower prices once the correction is over....January should be a much better month for us!
Really mad about selling IEP.....left allot of money on the table....Oh well...can't win them all.