You may have heard that Deloitte & Touche resigned as CCME's auditors. Neither Yahoo Finance nor Google Finance show trading for the last couple of days (I am guessing it is halted but since I have no position and have left it alone it doesn't matter to me) but this is clearly bad news for the company and anyone long the stock. Obviously I am vindicated, right!? No, as the post in question was a reminder to just leave these alone, not get short. The potential reward available from these companies can be had in plenty of market niches without taking the risk unfolding with CCME and I believe exists with other reverse mergers.
Market Vectors came out with a me too Colombia ETF with ticker symbol COLX. One difference maker is that it owns several companies primarily traded in Canada but "derive" much of their revenue in Colombia. As the fund is just getting out of the blocks it is too early to know whether the Canadians will make it more attractive or less than the Global Colombia ETF (GXG). Another point of differentiation is that COLX only allows for 8% positions where as GXG currently has three stocks greater than 13% each.
A comment about Japan; this seems to be scaring the hell out of people. I've seen in a couple of places that the quake moved the island over a few feet which I did not know was possible (did you?). Obviously the situation is still unfolding and we don't know how long this will be market moving but in terms of market impact this is an external shock that could easily have economic implications. This part of it is not unprecedented. This might cause the SPX to breach its 200 DMA (or trigger some other indicator you care about) or not. The prudent course of action is to stick to whatever strategy you laid out for yourself ahead of time and then stick to it (I would be shocked if anyone has continued to read this blog for any length of time and not created some strategy for defensive action).
The above paragraph should not be confused with stay in no matter what but more of a stick to your own discipline no matter what and those two are not the same thing.
Long story short I have a buddy who is a Major League Umpire and the umpires have put up a charity auction website that is running until March 20, I hope you will check it out.Well March is here, the conference tournaments were generally outstanding and of course the NCAA Tournament started last night much to the glee of many people. Last night's games were a testament to just how dreadful Clark Kellog is as a commentator (I avoided him all season). They should have Bill Raftery and Verne Lundquist in the "A" slot, how do they not realize this?
2 comments:
Sports...opiate of the masses. Our country may be in decline, but we'll have ESPN until the last windmill stops providing power.
Off topic, I have been ever the mercenary,this time looking for Japanese infrastructure companies that are politically connected and likely to be juiced when the rebuilding begins. I'll share one that has a modestly traded ADR, Taiheiyo Cement (THYCY). Perhaps other readers may wish to slueth their way into others. After all is done, companies must repair what has been broken. Sadly, the human toll in large part is not recoverable.
T
"Sports...opiate of the masses."
Good one!
NFL owners/players = drug pushers?
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