by Arnold Joe
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Stock Portfolio Change:
I sold Amerigo Resources Ltd (T-ARG, copper producer) at $1.91 for a 13% loss and replaced the position with more Quadra Mining Ltd (T-QUA, copper producer) at $24.68 and wrote June covered calls ($26 strike) against the position giving me $1.05 in premium. The covered call option position reduced my effective purchase […]
Oil:
The bearish oil news today was the weekly oil inventories in the US as the total crude and refined product levels were higher by over 7 million barrels. As a result of the large build in inventories, I was expecting the price of crude to drop from its record, instead it rose to another record […]
Recap:
Wow, another big day in the market with the Dow up 228 and the TSX up 121. Citigroup posted another loss of $5 billion after writing down another $15 billion of assets. Oddly enough the markets were happy with the results, as they were neither as bad as the previous quarter $-10 billion, nor as […]
