Croker-Rhyne Co., Inc.

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Dec. 16, 2008

Even though I think bond prices are going to keep climbing (and long term rates falling), I was feeling a little chicken heading into the holidays and we therefore exited virtually all of our long Treasury Bond positions into today's sharply higher close. As I will be leaving town this coming Friday and will not be back in the office until January 2nd, I really don't care what Bonds do until 2009.
I would also say note we were stopped out of our long Crude Oil positions last week, with, in general, a little more than a $3.00 profit on our purchases made on December 5th. Crude went up almost immediately after we bought it, we moved our stops up (giving it what I thought was ample room) and were stopped out, then watched the market move back up again. My guess is crude is probably still going up some, but like the Bonds, I'll wait to take a look at it in 2009.
Cattle and Soybeans have recently been moving the wrong way for us, but I continue to believe they are both going lower. We are currently positioned short in the February Live Cattle and March Soybean contracts.
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