Friday, July 18, 2008

Friday Morning

Oil is up a bit and maybe energy will show some modest strength because it usually does on Friday. C reported a big loss this morning and MER was a little bigger than expected after the close so I would think some air will come out of the financials today. They are due for a rest anyway. Teva Pharm buys Barr Pharm today and there as been some crazy call option in Barr lately. Maybe Cox should get back to some good old fashioned insider trading work instead of wasting his time with short selling. It should be a very choppy day and definitely a traders market.

Regarding my posts on energy last night. I am not an energy bear because this beast can turn on a dime, but I did feel the need to show the charts of names that look weak and alert folks to what "could" happen should things continue lower for a while. Yesterday was easy money on the short side, just like the easy money has already been made on the long side in financials, so keep that in mind before you get crazy long or short either group. Futures have reversed and are now up.

Harry Reid talking. Don't they just despise any one who makes too much money in a free market?


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.