Tuesday, September 9, 2008
Lehman Brothers, RIP
Fannie, Freddie, IndyMac... today Lehman Brothers fell below $8 (you know what that means...), and Washington Mutual is on the ropes at $3...
The problem is, I only got it 90 % right. I got the bank failures, housing market, Fannie & Freddie, and Oil DEAD ON. But I thought the flight to safety would have been to Silver and Gold, and boy, has that not worked out according to plan - yet. Unfortunately, it is the PRICE response that matters, and at the moment it ain't going my way.
I am long December 2010 Silver & Gold Spreads - something has to give in the next 28 months or I will have egg on my face.
Tomorrow is Oil inventory day. It is inconceivable that inventories of Crude, Gasoline AND Distillates are not down BIG, with Gasoline near minimum operating levels in the South and Southeast. However...
Anyway, I am still waiting for my entry point in Oil. It will come, but no point in hurrying. That goes for house buying, business expansion, hiring, buying a new car (HAHAHA!!) etc... these are ALL activities that can wait. No need to be a hero. The next move in Oil can make a career, even a lifetime...
Mentatt (at) yahoo (d0t) com
Posted by The Short Story Man at 12:46 PM