An Overdue Update - Spam, VIX, and Vegas

The spam drought subsided as quickly as it came, and the portfolio now "boasts" five names. Things were actually looking surprisingly rosy over the holiday weekend, with CHFR showing some big gains on Friday (perhaps as a result of their incessant barrage of email?). But Tuesday proved to be another story as CHFR lost nearly 40% of its value on heavy selling. As Mr. Altucher put it in Wednesday's Blog Watch, things are "starting to get ugly."

The VIX remains unusually low, despite yesterday's and today's selloffs. This is driving some eager would-be short sellers absolutely crazy, and has others wondering if the market is redefining what measurement quantifies "low" volatility. And the subprime arena seems to have no bottom in sight after Novastar (NFI) dragged the entire sector even lower yesterday. I'm beginning to think the entry point on most of these names is Never. Or at least a long, long while from now.

The Canned Meat P/L Sheet will not be updated for Friday's close, as I will not have access to the Web after 11am. Vegas is beckoning (again), and who am I to argue with Vegas!