Finally

Well, that was a hell of a shake out yesterday, but it looks like we are finally getting the sought after move in the tankers as the market adjusts its expectations regarding Katrina and realizes that much more oil and refined products will need to be shipped in order to compensate for all of the lost production.

I am now up $2.00 per share on this one although as we know this could change at any time. The exit strategy becomes more important at this point. FRO is a huge dividend payer and it will go ex-dividend on September 6. I think it is crucial to be out of the stock before then because it is paying a $2 dividend! In the meantime I will watch the stock - but could very likely be out of this one by the end of this week or early next week at the latest.

I continue to get nailed in the NEM trade and am down anothe 20% this morning. I am trying to be patient, but I don't like losing this much money. I have heard strong arguments on both sides by now re: the gold price movement over coming weeks including many conspiracy theories. My gut tells me that prices are going up, so I have to stay long.

Regards,

BG