Monday, May 12, 2008

Nice Day For Mr Market

The market caught some bids today and the technicals were pretty good and I get the feeling the market does want to work higher. The shippers were on fire and I have successfully missed the entire move in that group. I am short some USO, but earlier in the morning I actually thought for a moment it was going to reverse its downward bias and actually reverse higher. I took it home, and hope the profit taking can last another few days at least.

If you read my morning chart, I posted SY. What a boring stock. I bought it around 11 am. at about $29.75 and I don't think it traded out of a 20-25 cent range for the remainder of the day. I was looking for a breakout at $30 and it decided to pop at about 3:40 pm, check your charts. It ran a whopping 17 cents but gave me a start because I really thought it was going to explode. Just not enough time as the bar was closing. I didn't hold it over night as it acted a little too funky, buy it could be a play tomorrow so keep it on your radar.

So I traded a little EDS and got lucky for a half buck, but carry a hundred shares into the open as they stopped trading it.I caught some of the move and was scaling out little by little but got stuck with a hundred when they halted it. My guess is it will open down as their talks with HPQ are just beginning and it will probably gap down a bit.

I have a real tight leash on the USO short as this could reverse and charge higher at any time.


Jason said...

Hope your right on the profit taking in Oil (chart looks like it can give back a few points to 97 easily), would help the market catch some bids the next few days to test the highs of last week if some decent news comes out

upsidetrader said...

we can only hope

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.