Monthly Archives: January 2010

The Helicopter takes flight once again

Wild day in the markets today as Ben Bernanke’s cloture vote passed and his reconfirmation vote soon after, thanks to a Zimbabwean Senate today. But the real story today was Greece’s ever-widening CDS spreads, with the 5yr spread to senior … Continue reading

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Hedges pay off

The bounce I expected around 1085 indeed materialized in a late-day rally, and the puts I sold have taken sharp haircuts since my hedges were triggered earlier in the market session. Though we didn’t quite make it to the 1102 … Continue reading

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Selling SSO and UYG puts to hedge net-short portfolio

S&P finding some support around the 1080-1090 zone, which I mentioned the possibility of here. No telling if it’s a short term bounce or the beginning of another wave up, so hedging risk with some sold puts in ultralong ETFs … Continue reading

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QE liquidity 92.5% deployed

The Atlanta Fed’s Weekly Highlights points out that only $12.7B of the $175 agency debt and $110B of the agency MBS purchase programs remain to be deployed. With the $300B in Tsy purchases dried up already from last fall, this … Continue reading

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Stuyvesant Town marks largest foreclosure in history

Earlier this month, Tishman Speyer and Blackrock Realty defaulted on the $4.4B debt financing their overleveraged $5.4B Stuyvesant Town/Peter Cooper Village purchase from 2006, in the second-largest CRE default in history. Now the 56-building property is being foreclosed on, in … Continue reading

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Monday charting

The S&P 500’s breakdown is still the defining technical event to watch. On the short term, we may find some support around the 1080 level (which happens to be aroudn the 100DMA as well), which was support all through November … Continue reading

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Bernanke re-confirmation = healthcare redux?

The Bernanke re-confirmation issue is gaining increasing coverage as the days slip away until his first term expires. With just six days left in his first term, the shifting and ever-transitory political winds will dictate his future and consequently of … Continue reading

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