Thursday, April 17, 2014

Crude Alert: Gartman Is Now Long Oil / by Tyler Durden / 04/16/2014 10:36 -0400
Having been stopped out of his “long punt” in copper futures (which are, we remind readers, levered via margin and not a simple cash percentage loss of capital), world-renowned (for something) Dennis Gartman has issued his latest missive – ultimate contrarian call – advice… “we are sellers this morning of copper and buyers of crude oil, one relative to the other, with the problems in China weighing upon the former while crude has held impressively as other commodity prices have fallen.” Crude oil longs beware… prepare to be Gartman’d.
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Legg Mason Inc (NYSE: LM)

Legg Mason Inc. is a publicly owned asset management holding company. The firm through its subsidiaries provides investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles. Legg Mason Inc. was founded in 1899 and is based in Baltimore, Maryland.
Please take a look at the 1-year chart of LM (Legg Mason, Inc.) below with my added notations:
1-year chart of LM (Legg Mason, Inc.)
LM had a great run from its $30 low in June to its $49 peak in March. Two key levels that were created recently were $40 (blue) and $45 (black). Last week the first level of $45 broke and that should mean lower prices overall for the stock. The next stop on the way down should be the $40 level.

The Tale of the Tape: LM’s pullback didn’t hold $45, thus should be moving lower. A short trade could be made on a rally back up to $45, while a break back above $45 would be an opportunity to get long the stock. If the stock continues lower, a long trade at $40 might be considered.
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Las Vegas Sands (NYSE: LVS) Buying the Dip Could Mean 25% Returns

There's nothing like doing a little boots-on-the-ground research on one of the stocks you like. So in the spirit of shoe-leather, detective-style research, I decided to assume the treacherous burden of a little midweek trip to U.S. gambling mecca Las Vegas, and particularly to properties owned by Las Vegas Sands (NYSE: LVS).
The developer of casino gaming resorts in the Nevada desert -- and more importantly to its fiscal health, in the island nation of Macau -- has two premier properties on the Las Vegas Strip: The Venetian and The Palazzo. In fact, earlier today I contributed to the Palazzo's revenue by losing an undisclosed amount at the baccarat table.  (more)

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Podcast: Goldman Bearish On Commodities

Sumit Roy and Drew Voros discuss Goldman Sach's latest views on commodities. (Length: 6:22)

HAI's podcast is posted every Monday and looks back at the previous week's moves in commodities.

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Why Japanese Bonds Look ‘Terrible’: Kyle Bass

by Jeff Morganteen


Hayman Capital’s Kyle Bass believes Wall Street’s recent declines in the biotech and social media sector, which spread to global stock markets last week, shows cracks in the Japanese economy.
The Japanese Nikkei saw a huge drop last Friday, but the country’s benchmark 10-year government bonds did not see yields change as investors fled stocks. Bass, one of the biggest critics of the Japanese economy, has made a big bet on Japan’s economy devolving into a debt crisis.
[...] During an interview on CNBC’s “Squawk on the Street” on Tuesday, the hedge fund manager said questions remain whether Japan will lose control of interest rates or whether the yen can serve as an “escape valve.” Bass sees inflation quickly surpassing Japaneses bond yields, he said.
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