Thursday, March 27, 2008


I took more profits (in XLF and in HCBK which was downgraded) and opened small short positions in GLD and SPY. I'm expecting a lot more downside in gold and there is a good chance that the rebound from the first wave down is now complete. I might also short oil soon but it still looks strong in this rebound.

I completed Snork Maiden's tax U.S. return - she should get a $1462 refund from the Feds and $334 from Vermont. We got notices delivered at our U.S. forwarding address about the tax stimulus rebate. Hopefully we'll be getting a total of $1200.

My Mom tracked down her account manager in Switzerland at UBS. He had a "sabbatical" in Africa. Interestingly, now I am no longer in the US he sent me an e-mail with all the details of what he proposes to do for me to look over. When I lived in the US he wouldn't communicate with me directly, I presume because SEC regulations prohibit promoting securities that are not registered in the US especially with non-accredited investors like myself even if I was merely advising my Mom on what to do. Australia doesn't care about any of that stuff. We do have a definition of "wholesale investor" and some funds are only offered to that class but things seem to be much less strict than in the U.S. The U.S. is way overzealous on this I think while very lax in other areas leading to such things as the Bear Stearns debacle.

Yes, I'll be continuing the Madame-X series :)

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