After hours news: Analyst says Thornburg faces chance of bankruptcy as its failure to meet a $28 million margin call from JPMorgan Chase has triggered a series of defaults on various lending agreements.
Reaction: What a big surprise.. uhhhh NOT!.. and did anyone notice the big Ambak bailout news that was and reported on CNBC's by charlie Garsprone two days ago ? In case you haven't heard, AMBAK's going to raise capital not via capital infusion but at the cost of existing shareholders by diluting its stock through raising $1.5 billion in public securities. I am shocked that the market didn't sell off today. Maybe the recovery in the commodities group held the market up. Now all I need is for Ambak and a few others to go bankrupt and that will give me a good reason to close out my short in Financials. I am still waiting for more blood to shed in the next two weeks as financials report their earnings..... I mean write downs....
Oil jumped on bigger drawdowns, I believe oil is breaking out and I wouldnt be surprise to see Oil Futures trade near $120 in the next two-three months...
As Ben continuously devalues my hard earn USD, I am thinking of buying foreign currency ETFs (FX [a]/[e]/[c] or [p]). The only reason being that I think GOLD is a bit toppy here for my taste
Holdings: See below... nothing new
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SO...do you think it would a good idea to buy stock in Ambak?
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