(NYSE:BP) CEO Hayward Sent To Russian Front

I like this photo I found titled Bringing Oil to North American Shores!!! Boy they were not kidding!!  CEO Hayward is being exiled to the Russian Front.  See below

(AP) Tony Hayward, who became the face of BP’s flailing efforts to contain the massive Gulf oil spill, will step down as chief executive in October and be offered a job with the company’s joint venture in Russia, a person familiar with ...read more

2/3 of the S&P500 Report this week

I like Monday’s because I am a Market Junkie and there is little else to do while I hang out in the Shawshank Lodge with my friends.  I also find the summer trading to be the most difficult and I like to watch my com-padre market watchers stay befuddled.

So I asked around the group this morning why they thought the summer was so difficult to trade.  The collective response were ...read more

Summer Volatility

Head fakes about earnings are screwing with most portfolio managers who are trading from the short side.  These individual rallies upset the natural balance of things according to the current trend, but no one said this was easy. Volatility levels are deceiving because they are nothing more than directional versus a true measure of volatility.  I think it’s hard to measure overall vol, because when your in an a single ...read more

Market Waffles

Earnings numbers come in and they are better than expected, but all that really matters here is what BP does with the Well.  It seems the market has factored in a successful capping or some version of flow reduction.  Earnings come every quarter, but closing the book on a natural disaster doesn’t happen every week.  I think the trading world gets this, and I think they are short here… expecting the ...read more

Stocks Wait on BP

Happy  Monday.  The World Cup is over as the Vuvuzela sounds fade into the distance and I look forward to the British Open coverage which starts Thursday at 5am ET as a nice replacement.

Stocks are testing the upside here as we enter earning season and currently are trading into resistance, I expect down to sideways movements this week based on recent trading patterns.  Short term moves in the summertime tend ...read more