by Arnold Joe
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I’ve done a number of trades (see below) in the last few days, as a result of all the trades, my exposure to the oil patch is only the call options on Nexen Inc, as I sold heavily overweighted positions in Petro-Canada positions as well as my Nexen stock positions for gains.
If you’ve been following […]
Economics:
Canada’s April inflation numbers increased to 0.8% for the month and 1.7% year over year. Canada reported food increased 0.8% in the month and energy prices increased 6.0% (this contrast to the US which strangely enough showed no change in energy prices). Although the year over year numbers are low relative to the other […]
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 […]
Stock Portfolio Changes:
I bought Quadra Mining Ltd (T-QUA, copper producer) at $26.09 after it released some good quarter end numbers ($1.38 adjusted EPS). If the earnings are extrapolated out for the year, it works out to a very attractive P/E ratio of less than 5. There were some upward pricing adjustments to the Q4 […]
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 […]
Market Recap:
Lots of bad news out on the US financials today as Fannie Mae posts another big loss of $2 billion, UBS lost $10.9 billion (and is cutting 5,500 jobs), Wachovia increased its first quarter loss by 80% and Countrywide puts a stop to most home equity loan withdrawals in Las Vegas. As you would […]
Background:
Quadra Mining Ltd (T-QUA) mines copper in the US from the Robinson mine, has another US mine under construction and is developing a Molybdenum mine in Greenland and a copper mine in Chile. Numbers are presented in thousands of USD.
It has a cash cost of $1.49/pound in 2007, down from $1.76 in 2006. […]
