Gonvernment SNAFU

Hold on.. just about to get perched up on my soapbox. Does anyone else wonder how some of our elected representatives survive in the "real" world? I could not believe some of those questions they were asking. It seems like they don't have a clue as to what is going on in the marketplace. I'm just as upset as the next investor and there is a ton of blame to go around, but now is the time to fix the issue and then do a little "head hunting." Leave it to the government to fumble and make the process harder than it needs to be. Do they not realize that time is of the essence? Okay I'm done.

Now onto some trade activity....I tried to get into the UltraShort S&P 500 Proshares (SDS) today at a discounted price, but set my price too low and missed out. I think the market will feel the pressure of the continued dragging of feet in Washington. Earlier this week I picked up some Jan 2010 $2.50 calls on WAMU (WM) and went long on the U.S. Oil Fund ETF (USO). HAGO Justin

Update: Looks like the WAMU is done according to recent reporting, so chalk that up as a learning experience. Got a bit greedy and should have sold a few days ago to "lock-up" some minor profits.

Warren...Say it Ain't So

Just a quick little post to convey my initial thoughts towards the recent Berkshire Hathaway announcement. How many investor's are going to be shaken to their core with these headlines:

"Berkshire reported net income of $940 million, or $607 per share, in the quarter ended March 31. That's down significantly from the net income of $2.6 billion Berkshire generated a year ago. Its first-quarter profit fell 64 percent because it recorded an unrealized $1.6 billion pretax loss on its derivative contracts, and its insurance businesses generated lower profits."

Warren Buffet is a true representative of the "heartland" and America's favorite long-term investor, however is this the straw that finally breaks the camels back? Or can the market handle another thunderous right cross to the jaw? My guess is that the market will provide us with a nice knee-jerk reaction to the downside.

Bottom Fishing

Hello and good morning to my fellow traders and investors. Well I'm taking a shot at getting into some of the stocks I like. I'm probably setting my price to low and they will not get filled, but just in case they do I will be very happy. If they don't fill I can re-evaluate later today. I got a stop order for my Exchange Traded Fund symbol EWA. I got in at $23.00 and have set my stop at $32.00. The four stocks I'm trying to get into today are VIP, CNH, RIO, and POT. As you can probably tell I have more confidence in the foreign markets than the U.S. through earnings. My lowball price into these hopefully will be: VIP= $27.00; CNH= $57.79; RIO= $32.24; and POT= $103.79. Again just trying to get in off a quick drop and sell at a feasable recovery point.