Tuesday, March 11, 2008

Not Seeing Any Shorts Except.....................

Sometimes I go with my gut and forget the charts. XME and MOO were perfect examples in the last week or two. The charts were strong but my gut said time for a pullback. I got lucky on both. USO looks like a stairway to heaven. It's the United States Oil Fund. I think oil is due for a pullback and will be looking to get short. This short will be held up to two weeks. I am showing the chart for a visual. DUG is the ultra short way to play it as well.


Jack said...

I agree on USO,almost pulled the trigger at close but decided to wait.

I think energy has a chance to implode short term. All the demand is based on speculators,banks,dollar hedge,and geopolitical crap. Real demand will fall if much talked about recession is really here and when it starts to unwind its gonna be a mess.
My kids are even talking about driving less,and its not their money.

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.