Thursday, June 19, 2008

Senior Moment

I posted earlier that I was done for the week because at the time it thought it was Friday. I am chuckling to myself as I write this. I think I should take a three day weekend. Still chuckling, really. I think I'm a little burnt this week. Did anyone else think it was Friday? My wife did , maybe because it was our kids last day of school. Anyway, the market staged a nice rally when oil rolled over, and the financials were not to be stopped today. STI (short) was a huge win as well as PTEN and ESLR long. The latter was hard to play as it gapped, but the dip was to be bought and it rallied beautifully on huge volume. It was posted here last night.

One day of short covering doesn't make me bullish on financials or bearish on oil, but it does make me look twice. Just say oil does roll over, where does the money go? Financials? too early I think, although I am starting to look real,real hard at WB. Soft commodities? No, they will go where oil goes and are way overextended. Basic materials? Steel, especially X is on fire. Health care? Decimated today off the CVH news. Ouch. I used to trade that one. The only think I can think of is technology. I like ROM (double,super duper ultra long etf)

Tomorrow is Friday, historically my worst day of the week but lately I can't be stopped. I am going to trade piker small tomorrow and put this week in the bank. I'll be back in the early morning unless I see a chart that you need to see.


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.