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Friday, November 21, 2008

Clearly when it comes to Citigroup....

And this has the whole market in turmoil again. Up 160..then down 100...right now up 60. Last time the VIX hit 80 it was a buy opportunity for one of those 20% bull markets that last about 6 or 7 trading hours.

MLPS were up early and now holding onto 150 by the skin of their teeth...down 3 plus points on the day. Buckeye Holdings (BGH) is down 4 at 11 after getting their tender offer pulled. You should have taken 17.50! Nustar (NS) is down almost 3 dollars. Williams (WPZ) Holly Partners (HEP) Atlas Pipeline (APL) Buckeye (BPL) Amerigas (APU) and Sunoco Logistics (SXL) down between 1 and 2 points.

Winners right now are few. Kinder Morgan (KMP) Oneok (OKS) Excrement (Exterran )(EXLP) Natural Resource (NRP) and a few others up fractions to 1 point.

The market is trading tick for tick with citigroup...rumors of the fed cutting rates to zero....and other stuff floating around. You get the feeling watching Citigroup that somebody thinks it won't be around come Monday morning. Lets hope that it is around!

File this under "just for laughs" but i bought 14000 shares of US Shipping yesterday at 6 cents. Its now at 18 cents!!!! So you see you can buy an mlp and actually have it rise in value or even triple!!! (sarcasm is lovely isn't it!)


jcarroll1948 said...

Joe. Way to go! How was your experience trading on the pink sheets? Just me, but I think I would cash in a triple if I had one.

Bruce said...

Dow up over 100. Could we have a nice dead-cat bounce/bear market rally?

Even a one day wonder would be welcome at this point.


joewxman said... usual rule is if you buy penny stocks today you'll wind up with just pennies tomorrow. But under current "end of world condition" i figured why not. Whats the worse that could goes to zero. Hell i could have invested in AIG, FNM, Lehman, etc etc and have done that!

I can see bids and asks on which is useful. They don't post the trades however as they occur. Nor do i know where its trading today.