What is going on??? An extract from the Diaries of Evil Knievil

The man the Daily Mail dubbed “The King of the Short Sellers”, Evil Knievil (aka Simon Cawkwell) is Britain’s most feared bear-raider. A big man with a bigger reputation, Evil Knievil famously made £1mn by short selling shares in Northern Rock during its collapse. He also uses his knowledge and experience to buy shares, often resulting in the same devastating effect.

Three times a week Evil provides his thoughts and musings on the markets only at theevildiaries.com. Read an extract from Evil’s latest diaries below and click the banner at the bottom of the page for a free trial to the website…

The Independent Resources (IRG) placing has seriously flopped and there is a lot of loose stock about. I suspect that a bid at 2.5p might be filled and give the buyer a nice dividend. Not today or next week but in due course.

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I shorted 50,000 Globo (GBO) at 57p since I reckon that it has recovered enough. We’ll see.

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I still do not understand what is going on at Clear Leisure (CLP). Does anybody?

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Just to stay in the swing I yesterday bought 100,000 Gulf Keystone (GKP) at 75p. I am no judge of these extraordinarily labyrinthine developments in the Middle East but it does seem as if Kurdistan is doing quite well. That’s bullish for Gulf Keystone. My only regret is that I forgot that Gulf Keystone has upgraded to a full listing which meant stamp duty. Grrrrrr…. I kissed goodbye to them this morning at 83p.

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Finally, what may be interesting amongst all the online flotation failures is the case for MySale (MYSL). This really may be the moment to buck the trend in that, although floated at 226p and now at 186p (and therefore likely to suffer the great hangover of failure), there is a compelling case to get involved. MySale does not take stock positions and is inherently well placed to shift huge lines of stock at healthy margins. I am no admirer of Sir Philip Green but I have to hand it to him here. It really does look as if he is on the right path. I bought 25,000 at 182.5p.

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