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2007 April at Trader’s Narrative

Archive for April, 2007

It is notoriously difficult to pinpoint tops because unlike bottoms, they tend to form over a longer period of time. Still, there are several factors which are making me cautious here - just as I was bullish in mid-March.

Pedal to the Metal
Last week marked a historic occasion for the market. Albeit one that went unnoticed: […]

It is difficult to gauge the demand supply dynamic in a Dutch auction until it is over but there is such a strong demand for Interactive Brokers IPO (IBKR) that they raised not only the price band (from $23-$27 per share) to $27 to $31 per share but also increased the number of shares offered […]

About a year ago I mentioned the powerful, contrary sentiment, punch that magazine covers pack. At the end of April 2006, the Economist did a glowing review of Goldman Sachs (GS) titled “On Top of the World”.
I wrote:
“…the recent Economist cover (above) should send shivers down the backs of anyone who is long Goldman […]

Grayson Moorhead Investments

Steinhardt’s inane blatherings in Barron’s magazine over the weekend about how hedge fund managers used to be motivated by more than just money, that is used to be about being a part of an “elite group that had mystery and excitement and √©lan”, reminded me of these commercials from Saturday Night Live:

If you’re interested in […]

Uranium Arbitrage (Pair Trade)

Here’s a trading opportunity you don’t see every day!
On March 31st 2007 Uranium Participation Corp. (U) had a NAV of $12.38, while it traded for $16.00 on the Toronto Stock Exchange. After a spike up to a high of $18.76, it is now back to $16 a share (all amounts Canadian). That represents a premium […]


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