ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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76-82 will be very important level to hold for bull case to be valid.
I agree that this long slow grind lower may be setting a trap for the bears. But lower highs and lower lows on most time frames since 11:00 et was a clear downtrend. Very few, if any bull flags, but lots of bear flags. Need a couple higher highs and higher lows to bust all the stops and make a run for 808.
Now this is the type of headline I want to see, many like this, that will confirm the markets hit a bottom
February 17, 2009, 10:33 am
The Donald Flees, and Chapter 33 Arrives
For the Trump casinos, weâll see if the third time is the charm. They went into Chapter 11 today, for the third time.
Trump Entertainment Resorts, the latest formal name of the operation, no longer has Donald Trump on the board. He quit last week in what may have been a negotiating tactic with bondholders â or perhaps it really is an effort to walk away from a disaster while finding others to blame.
The fact that he remained the largest shareholder through the first two bankruptcies reflected his negotiating skills, I suppose. The fact that he kept getting financing is an indication that investors can be slow learners.
He has in the past used the threat of taking his name off the Atlantic City casinos as a tactic, and it will be interesting to see if that tactic still has any power. Iâm not clear on when or whether he can take the name off the Atlantic City casinos.
He is doing his best to point the finger of blame elsewhere. When he resigned as chairman and as a director last week, he blasted the bondholders he said controlled the company, blaming them for making bad decisions and for wasteful spending.
âSome time ago, I made an offer to buy the company in the hopes that I might be able to reverse its fortunes, but the bondholders turned me down. Now I will study and watch as the horrible and outrageous fees being paid to lawyers and consultants will suck the blood from the company.â
He did not mention that many of the companyâs problems stem from it being loaded with debt years ago, in order to put cash into Mr. Trumpâs pocket. Later investors knew that, but put in money anyway, so perhaps sympathy for them should be limited.
Mr. Trump says the shares, most of which went to bondholders in the last Chapter 11, and which traded for $23.80 in late 2006, are now worthless. Heâs got that right.
February 17, 2009, 10:33 am
The Donald Flees, and Chapter 33 Arrives
For the Trump casinos, weâll see if the third time is the charm. They went into Chapter 11 today, for the third time.
Trump Entertainment Resorts, the latest formal name of the operation, no longer has Donald Trump on the board. He quit last week in what may have been a negotiating tactic with bondholders â or perhaps it really is an effort to walk away from a disaster while finding others to blame.
The fact that he remained the largest shareholder through the first two bankruptcies reflected his negotiating skills, I suppose. The fact that he kept getting financing is an indication that investors can be slow learners.
He has in the past used the threat of taking his name off the Atlantic City casinos as a tactic, and it will be interesting to see if that tactic still has any power. Iâm not clear on when or whether he can take the name off the Atlantic City casinos.
He is doing his best to point the finger of blame elsewhere. When he resigned as chairman and as a director last week, he blasted the bondholders he said controlled the company, blaming them for making bad decisions and for wasteful spending.
âSome time ago, I made an offer to buy the company in the hopes that I might be able to reverse its fortunes, but the bondholders turned me down. Now I will study and watch as the horrible and outrageous fees being paid to lawyers and consultants will suck the blood from the company.â
He did not mention that many of the companyâs problems stem from it being loaded with debt years ago, in order to put cash into Mr. Trumpâs pocket. Later investors knew that, but put in money anyway, so perhaps sympathy for them should be limited.
Mr. Trump says the shares, most of which went to bondholders in the last Chapter 11, and which traded for $23.80 in late 2006, are now worthless. Heâs got that right.
Let them make this right shoulder on this IHS on cash and I just might let those boyz take it to 826 today.
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