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2007 April at Trader’s Narrative


Archive for April, 2007




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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: […]


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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 […]


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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


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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)


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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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