Thursday, March 27, 2008

The Torch Was Passed to the Solars

I barely traded today, no feel and too choppy. My PCU short started to look very heavy to me today and I am hoping for a move lower soon. GLD looks the same way and may get short there tomorrow or Monday. Oil rallied on a pipeline blowup and it does seem to be range bound in the $100-110 area. Probably not a bad go long go short level to keep an eye on. The financials gave a substantial part of their move back, but the solar stocks popped out of their funk and had a good day. I don't know if we will retest the bottoms of the indices but I do feel the market will head a bit lower in the coming couple of weeks.The pullback so far seems corrective without the massive late day bruisings that we have become used to. It's hard to believe, but second quarter earnings season is almost upon us. Stay well and see you in the morning.


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.