We're about halfway through our trading in this range IMO
This is our second touch of $100 SKF and we should head back to the 112-116 area. If possible, i'd be lowering my basis by adding at these levels. Ultimately we should be back over your buy points once the banks start reporting.
3 comments:
Thats kind of what I figured, just nice to have another opinion...actually put in a buy order for a couple april 100 calls but got rejected for hitting at 4:00, so in the morning we shall add either actual or calls.
mdp
Just sent this to my Senator for any that were thinking of doing the same... J
Senator,
Thank you very much for your service to this country and to the state of Illinois. You most certainly dont remember me, but we have met on multiple occasions back when you were Rep. Durbin in Southern Illinois around 1993. I was a high school junior and senior seeking a nomination to Annapolis.
I followed you to various town meetings in order to show my sincere desire to enter the Academy. After interviews in Springfield with your staff, I was given a principal nomination from your office.
I thanked you then, but of course, the gratitude that comes from me now is tempered with experience and understanding of the doors you helped me open. Thank you again.
I come to you now, as a military resident of Illinois living in California, with a heavy heart as I watch what is unfolding in our economy and country.
As a country, we stand at a crossroads as critical as that we faced during the Revolution, the Civil War, WWII or the Cuban Missle Crisis. What makes this as dangerous or worse is that this threat is insidious in nature.
This economic situation that we face is difficult to understand and deceitful in nature given that those responsible for its existance are those that testify before Congress and are even now making plans to shed their responsiblity and place its weight fully on the average American family.
The video on your website discussing the Senate failure to pass foreclosure regulation speaks directly to this misdirection propagated by lobbyists and the media and taken as Gospel by the average American.
While I disagree with your views on this bill, at least it is being handled in a proper manner, wherein Congress may or may not authorize the spending of government funds per the Constitution.
Unfortunately, this bill only addresses the treatment of symptoms of a deeper and more systemic illness in our economy. Therein lies the deceit.
Our economic system is flawed by greed, which has produced a banking system of hidden doors and passageways entirely designed to be opaque. These off-balance sheets and derivatives that they hold have long made their creators rich beyond imagination utilizing bets and leverage that is intentionally complex, supremely arrogant and devistatingly irresponsible.
Now, in order to keep the entire system from unwinding, we have reached the point of breaking, not bending, the Constitution of our country. Secretary Paulson, in print, admitted today (April 1st) that any losses associated with the assumption of Bear Stearns mortgage backed security debt by the Federal Reserve WILL BE REIMBURSED BY THE TREASURY AT A LOSS TO THE TAXPAYER. Only Congress can authorize such an expenditure, not a unilateral act of a cabinet member and the executive!
This is not only shameful, but also frightening. By turning a deaf ear to this behavior, we are setting a precedent to investment banks and even hedge funds that any and all bad bets made via worthless derivatives will be taken onto the Fed balance sheets in exchange for Treasuries at the expense of every American that is already currently in extremis. THIS IS AN OUTRAGE AND MUST BE STOPPED!
We have gone from backing our currency with gold to backing it with worthless derivative garbage.
I ask you Senator, to please take the hard stance on this issue during what is certainly a difficult and important election year. I beg that you personaly investigate fully the WHOLE story behind this issue, and not just the symptoms.
I also ask that you verbalize and hold Wall Street and Main Street alike accountable for their role in this crisis. Government bailouts and judicial mortgage writedowns will result in even more burden on my children whom I dearly love. Just as importantly, it will weaken our country economically to the point of collapse and move us further in the direction of paper tiger status. Our enemies are watching intently, waiting for a misstep from a country that is forgetting what made it strong.
I thank you for your time Senator, and am happy that our paths have crossed again, even if it be momentarily.
I would like to offer any help that you might need that I can provide as a citizen of our great nation.
I can most easily be reached via phone or email and eagerly await your reply.
Very respectfully,
John Marburger
Lieutenant Commander, USN
USNA Class of '98
Great letter!
You might consider inserting where you mention the federal reserve something about it being a PRIVATE corporation whose board members, mostly foreigners, will benefit immensly at the expense of his constituents along with the rest of the Country.
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