Monday, August 04, 2008

"What I said at that time I thought was true at that time"

No, no - it was not me who said it - it was highly respected, highly paid, highly everything John Thain of Merrill Lynch ( Sounds like a real Royalty to me - "Sir John Thain of Merrill Lynch", well ... CEOs ARE The Royalties now, no "ordinary mortal" will get away with stunts they pull )

I will add this statement to my "Great quotes book" immediately, right after the statement of one of the Java programmers I was supervising back in the days, who was lazy, unprofessional, deceitful, but ...he "knew people". When everyone on the project started to get REALLY upset about him not delivering, upper management "allowed me to put some pressure on the guy". Email went out with simple question: "When are you going to deliver your part?"
Below is an answer, I think it deserves to be curved in stone:
"I anticipate to put something on the team share area sometimes within next few weeks"

Think about ingenious words used:
"anticipate", "something", "sometimes"

Well, that guy did not "anticipate" that his business insurance would run out "sometimes" long before the company he was screwing would be done with taking away most of the "something" he had.

Now ... market... it is becoming really scary now ... I'll be closing most of my long positions when I can, will take a loss of over 5% of total port value on UNG/USO trade and will take time to revalue what is happening.

But I will be keeping my "Metals Bucket long calls"(TIE,ACH,KALU,ATI,CRS) I bought today because (SLX) at $79 looks like a good risk/reward trade and with energy prices down aluminum /composites will benefit. And, for some really unexplainable reason I added CHK calls, don't ask why... )

A lot of bullish patterns did not break out in the time allotted therefore they lost its significance and market will be on a bumpy directionless ( so far it looks like there is a direction - down ) ride.