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There are two things saving my butt today: my PAA short and my precious metals positions. I’m long DUST and JDST, as well as short GLD.
In spite of the record-highs-everywhere in equities, I’d like to quietly point out that on the small caps, we did in fact break a crucially important trendline, and we are rallying beautifully to its underside.
Good morning, Slopers. The bright spot for me today is my short position is PAA, which is a stock down nearly 20%. What I found amusing is the analysts stumbling all over themselves to update their completely inaccurate predictions with lower-but-more-plausible predictions. Here’s a gem from Baird:
I’ve maintained a steady interest in energy issues, and I’ve been noticing with increasing delight that energy stocks are acting weaker than oil. On days that oil is strong, energy stocks are either “meh” or, in some cases, down. On days that oil is weak, energy stocks are really weak. You can see the increasing spread here:
