selling SU at break-even

Per our December 15th 2008 update we went long SU at $20.25

In that same update we were fortunate to close a short in GCI which resulted in a profit of 24% after holding just 3 days, and we purchased MGA which we sold for a net gain of 44% just two weeks later. This good fortune did not extend to our Suncor position however

SU has since gone higher and lower while we sat and did nothing. Now with the markets so uncertain and at such a critical and potentially dangerous junction we do not wish to hold this long position further, thinking we may be able to repurchase it much lower in the future.

Should it instead be the case that energy stocks rally, we have longs such as BTU that should profit for us.

SU last closed at $20.39 so we sell now at essentially a break-even level after holding nearly 2.5 months.


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