Oh my.
New Century (NEW) is done and that was a given when it hit $5 a week ago and lot’s of people including me called that (Stock was $60 a year ago)
Tom Brown is a big boy but he is being shellacked here and he is not the only one.
Today they took out and shot (again) his other big holding – Acccredited Lenders (LEND).
If I was a gambling man, I would say it’s liquidation city for him. It may also be worth gambling that First Marblehead (FMD), a recent Wallstrip stock, is in the vultures sites. That has been creamed and could be torched if he liquidates. I don’t think it has any ties to the recent debacles, but the vultures shoot first and ask questions later.
One third of all stocks do the BIG ROUND TRIP to ZERO and that is why I don’t buy falling knives anymore. The few that go to zero that you and your conviction are buying all the way down will leave you broken.
I know this is fucked up. But, here is Tom’s fucked up holdings:
http://www.zshare.net/download/tombrownsmess-xls-jwh.html
I am now convinced that tuesday March 13 will see the dow ramp 100 points in the first hour. Call me crazy, but here is my premise. Go to CNBC.com and scroll down to markets diary scroll further down to 8:45a.m. then scroll down to 5:45p.m. What happened last time President Bush gave his address? Dow up 100+ points, Bush visits NYSE up another almost 100 points, Paulson speaks up 95 points, paulson speaks from china, up 85 points. M3 money is jacking up the market all day, only don’t stop at a 100, take it up 200 the FED has the never ending resource of freshly printed fiat money. And when the powers at be speak, they make sure we hear them loud and clear.
UPDATE: Tome Brown is getting his ass kicked again.
FMD getting torched as I thought