My sincere apologies to all of you, my loyal readers. I have been a lazy ass the last week and I am sorry. Yes, there have been a few things going on since I decided to lock Zach in my Explorer10 days ago on a rather hot and sticky South Florida afternoon. At least he had the A/C on....
It looks like Hurricane Dean kicked the hell out of Mexico today. The good news is that the area it made landfall at was a rather rural area and there shouldn't have been a significant loss of life. Thats good, because 165 MPH winds are nothing to joke about...I saw firsthand what a Category Five storm (Andrew) did to Dade county in 1992 and it was not pretty.
The market is crazy as usual. This whole subprime thing is completely out of hand. Sure, defaults are a lot higher than last year, but this all needs a little perspective. Subprime makes up about 12% of the mortgage market. Of this 12%, only about 15% of mortgages are in default or even delinquent on payments. By my calculations, this works out to roughly 1.8% of the entire mortgage market. Nothing to sneeze about, but certainly not worth all the press coverage it has gotten and the doom and gloom this is the end of the world crap I have been reading about. It's a shame I was too chicken shit to buy more of the Countrywide Preferred B's at 10 with a 17% yield last week(they closed today at 17.65) or double up on EOI at 16.25 with a 10% yield(closed today at 19.09). In my opinion, Thursday last week was the bottom. If the Dow floats between 13000 and 13500 for the rest of the year that is fine with me. And it's time to short oil again here at 70...I'm lookin at the lower 60s by the end of the year.
The sick bug has been making the rounds of the Pollock household...part of the reason for my slackness in posts recently. Zach brought something home from daycare and was sick this past weekend. This was of course passed along to Cheryl, who is now in bed and has been sick since last night. That leaves me as next...figured I'd better get this post in before I start vomiting all over the place....
No comments:
Post a Comment