follow through

L: 8% S:80% G: 89% N: -72% ~ $D -40% $G 12% $V 0% $P 4%

Its an interesting start to the week, and it appears that we are following through on the sell off we saw start on Friday. Its quite pleasing that the Raven is hearing this being called 'profit taking', those speculative longs and those that have covered their shorts are still in there so the pain trade might actually been a really quick sell off to retest the lows.

AT&T and HSBC is still a core short for the Raven. Its been said before but Barclays and the UK & US banks are really just trading like a call option on underlying assets, the % moves have been pretty wild, BARC last week is a cracking example.

Rick Wagoner is now a former CEO of GM, thats eight years of driving the business into the ground. The Raven has bemoaned unions before, but really wants to vent again. The notion that the unions would have a higher recovery rate on GMs liabilities to them than that of a senior debt holder is an insult and an utter disgrace. How on earth is it acceptable that they are still in such a strong negociating position? by bribing politicians ahem, sorry making political contributions. They successfully killed their own jobs, as is the inevitable conclusion of all unionisation, by insisting that they were paid over market rate and were recipients of outsized pension and health care benefits they weakened their own firm. The Raven can accept that unions were a necessary evil in the previous century due to the lack of mobility of both labour and capital, but they are now redundant. Any good that they can do in the process of worker protection (both financially and in terms of health and safety) can only work if it is applied on a global scale.

Soros was running his mouth again this weekend about the UK, perhaps he should write another book?