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Fed Drops Bear in its' tracks!!!
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Thank you Mr. Bernake. The drop in the discount rate was just the right move. Still plenty of room to move on the overnight fed funds rate, but relief for corporate borrowers just when they need it. Only one trade this week. Sold 70 FDS to gain compliance with Marketocracy's (the guys who run the portfolio site) asset allocation parameters. In the real world, I doubled down on my $28 purchase of CFC @ $21, and then again at $17.50 using Jan 09 call options. I expect Countrywide to to around $36 by the end of 2008. Right now that would be an 80% return in 16 months. Also, I hold ACAS in my real life portfolio and I added to my position in it by 25% when it got down to around $36. ACAS has really gotten hammered during this "fear of credit" sell off. They are tightly managed, well diversified and have excellent credit performance. At their low last week, their dividend exceeded 10%. (And yes, I think the dividend is safe.) | ||
