Thursday, October 30, 2008

Notebook to history

Gas crack spreads go negative.

Very rare (I doubt it is a first, though).

Valero, however, is zooming (up 25% in the past 5 days) on relief in the the broader backdrop of their position in the industry, I'd hazard.

The post-mortem on Porsche's VW coup-extraordinaire continues:

According to reports the big trade that caught out the hedge funds was actually shorting ordinary shares versus preferred. As Bloomberg reports, the trade failed when ordinary shares effectively controlled by Porsche sky-rocketted and the differential between the two widened the wrong way - the pref falling some 14 per cent on Tuesday.

Both thanks to FT's Alphaville

No comments: