Thursday, June 12, 2008

It's Hard To Put Lipstick On This Pig

With all the Lieberman/Paulson saber rattling going on it didn't do much to affect big scary oil. I'd be lying if I said I wasn't unnerved by the big opening, but after the initial meteoric rise the market ran out of gas. The flurry of buying in the last 20 minutes was nothing more than some black boxes kicking in. I had to do a lot of movin and groovin to do to trade around my shorts from last night but it ended splendidly. At one point I found myself asking "is this heaven?" ( a great line from the movie Field of Dreams). I added to AA short, a new position in MER short which I caught perfectly and I even caught a beautiful trade in USO on the long side. QID was phenomenal and I caught most of that move. I also added to DXD and SDS on the rally. I am nicely ahead going into tomorrow and unless oil completely implodes, I think the market is looking at lower prices. Today was a very "bearish" day in my opinion and I couldn't have done it without my charts.

In U.S. Open news, Jim Furyk's left chest is worth $1.5 million. That is only one body part. His left sleeve is worth $600k. Excelon Corp. paid the $1.5 mil. Why can't I have a short game--or a long game for that matter. I'll be back later.

p.s. It was a good day, a very good day.


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.