Thursday, March 20, 2008

Covered Half Of My Shorts

Hopefully I'll get another chance to reload but I'm not stupid. USO was a great move and although it looked like death early, it rallied back to close over $101 after breaking $100 earlier. GLD has come down dramatically and I think will go even lower but there will be some bounces along the way. XME opened weak, but was surprisingly strong as the day wore on. I caught some PCU short pre market for about 3 points but unless you were quick you missed it. Same with RIG, great for an opening trade but it bounced. I would have held XME,PCU,RIG longer but they acted stronger than I thought they should have. Sectors like this take a while to unwind and so far my call on the dollar has been working but I'm a trader so my time frames are short and the rest could be covered at any point, they also could be added to. Sorry if I confused you but I think you follow. Bottom line I still fully believe the commodity space goes lower, but I trade the tape. The financials exploded and if you have time, look at a chart of Citibank today, it gives you an idea of what happens when the big boys want to buy a sector again. A stairway strait up with relentless, uninterrupted buying. I think financials continue to rock next week.


About Me

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I am a former hedge fund manager, broker and capital markets dude who now trades for his own account. I love what I do. I will try to post some stocks and an occasional chart that looks attractive for entry.I will also try to point out the idiocy of conventional wisdom and the lack of value added by the mainstream financial media. These postings should not be viewed as recommendations.