Busy weekend this weekend, eh? First on the docket is the financial sector. Lehman this weekend had some sort of secret meeting with its board. Remember the last time a financial met secretly over the weekend (Hint: BSC!)? Over the weekend, LEH has officially removed their COO and CFO and may be in talks to sell the company. Blackstone I believe purchased a 30% stake or is looking to purchase a stake in the company. This morning, LEH posted it’s first ever loss coming in at a whopping $2.8 billion.
More news on the financial front involves AIG. Over the weekend, AIG CEO Sullivan was removed and replaced by a former Citigroup executive and current AIG chairman, Robert Willumstad. No clue about Willumstad, but apparently he may have ties to another former AIG CEO, Maurice Greenberg, whom I believe is currently under investigation by the SEC. In any event, I’m sure all three will prosper handsomely hah!
Finally, not only is medication cheap in Mexico, but so is gasoline. San Diego folks are actually traveling to Mexico just to fill their gas tanks. Scary stuff if you ask me.
Tiger Woods just made a clutch birdie on the 18th hole to force a playoff. This man is just a beast. Coming back from being out 2 months due to surgery to force a playoff for the win is just incredible. As a result, we have another 18 holes tomorrow. Updates to come including why LEH and AIG might be a buy and why crude should fall somewhat tomorrow.
Just returned from a visit down south. A five hour drive each way is never fun. No trades today.
- Long: Nap
- Short: Awful holiday traffic
I decided to close out the week on a good note and not put on any new positions. This week brought in about 25% in profits bringing my account up to the levels I posted yesterday. Many should haves, would haves, could haves, especially today, but that’s the nature of a small account. I must be extremely choosy compared to others and as a result, I will miss out. Hopefully in a couple of weeks I can infuse my account with a couple thousand dollars to help diversify. It would be considered a personal loan to my account so I’d be forced to remove that infusion by the end of the year. If there’s one thing I’ve learned it’s that you never play with money you can’t afford to lose.
With that being said, the Shadowtrader on thinkorswim always closes the week out with a quote from some movie. After finally hearing it (I normally take off early on Fridays), I discovered it was a quote from Caddyshack. I think it’s hilarious so of course I’ll post it here. Thanks to the folks at Shadowtrader and thinkorswim for being the best brokers I’ve ever dealt with. (FYI, new thinkorswim release this Saturday!)