Bookkeeping: Limit Order Hit for First National Financial (FNF) on Share Offering; Cutting some Blackstone (BX)

An outstanding limit order hit this morning for First National Financial (FNF) - the stock fell significantly on a share offering which is how it is "supposed" to work; unlike the REITs which are rocketing on short covering as share offerings are announced. The dilution is not that bad - only 13.3M shares on a 215M share base but at this point some stocks are so far away from even their 20 day moving average, once the tide turns I expect a lot of retracing.

• First National Financial said Tuesday that it plans to sell 13.3 million shares in a public offering of its common stock. The firm, which provides title, insurance, specialty insurance and claims management services, said the proceeds of the sale will be used for general corporate purposes, including the potential repayment of some of the debt under its existing $1.1 billion syndicated credit agreement

We just need an excuse... now that Goldman Sachs (GS) drove the entire market up to allow it to sell its stock at the highest price possible, maybe they will now allow the market to go down. FNF is my go to stock for the "housing recovery" (title insurance) and unlike so many stocks which just are ramping with no pullback, we are getting a chance to rebuild some exposure we sold earlier.

I am also cutting half my remaining Blackstone Group (BX) long as speculative juices continue to push into lower quality financials. I will look to buyback lower.

I continue to have no feel for this market, this is entering week 3 of "blindness"; I want to short retail stocks very badly but all I see are shorts being splattered on walls on squeeze after squeeze. As I watch these small cap speculative stocks that we discussed yesterday explode higher, along with sub $5 financials every inclination from history is to get short this market at least for a quick push down - but it's been so easy to lose money on the short side that it is now hard to pull the trigger.

It has been tiring to be on the short side of the stick and good fortune has to turn my way soon - I refuse to allow this losing streak to continue! ;)

Long First National Financial in fund and personal account