Well, oil is off $5 again and that has been what the bulls have cited as the major hurdle to higher prices. The bulls failed miserably yesterday. Will they try and rally em later? It looks like they want to, but it looked that way yesterday before the fizzle.Stay tuned. I traded MEE short at $72 this morning and covered at $69. I have reloaded at $72.20 with a tight stop. I'm placing a bet that they will take them down again later. I still don't trust the financials and I am ready to reload short if conditions are right.
The beach is also an option.
Tuesday, July 8, 2008
Can The Bulls Jack It This Afternoon?
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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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