The third largest US auto maker filed for Chapter 11. Chrysler announced it will temporarily halt most vehicle production while it completes a deal with Italian car maker Fiat to resume car production. The failure of Chrysler was expected, but when it happens it always a shock. Chrysler will still sell cars (they have plenty in inventory) & the gov would back its auto warranties. Its plants will be idled during the legal proceedings. A giant business will have its fate decided by a judge. •Chrysler Files for Bankruptcy Protection to Shed Debt, Seal Fiat Alliance Markets absorbed the news fairly well. Dow had been up 100 or so in the AM & fell, not badly, in the PM, staying near break even. Dow closed down 17, advancers ahead of[More...]

I’m out of CBI, DRYS, FRG, BBEP. Some as of yesterday, some sold this morning when market was up +170. Rebought FAZ at 21.7 Tags: BBEP, cbi, drys, faz, frg

I have been somewhat amazed at the rally in natural gas master limited partnerships (MLP) over the last 10 trading days or so. The nymex spot price of natural gas is right at $6.00 up about 50¢ from the recent lows.[More...]