Still a bit of chop out there. What is really impressive is the action in the fertilizer/ag group. Just when you think they may be getting ready to give some back,they turn around and close at the highs for the day. That' strength. Evidence of this is my last post where I shouted out a sell off in the group. Later in the day they found their strength and rallied strong. They are not ready to correct yet,simple as that. I traded a little USO long and TRA long and short. Lost a bit on the latter but caught a decent move in the former.
All in, it was choppy with very light volume. The financials let some air out as well. I posted charts of $SOX and SMH last night and both did pretty well today. I'll check in later.
Monday, April 21, 2008
Sideways and Record Oil
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About Me
- upsidetrader
- 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.
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