Friday, August 15, 2008

Commodity Meltdown

I am probably done for the day as the afternoon session couldn't come close to being as generous as this mornings. My theme worked, and I was short everything. XLE,OIH,X,SLK,MEE,MOS and a few others.It was a massive program sell and those are the ones you want to catch, they don't come around often. Some of these are catching bounces here. I have covered everything and will probably watch, unless of course they start melting down again later which is entirely possible. I will be checking in. I think the bounces have to be shorted for what it's worth.

Russia is the wild card, so I don't want to press too much.


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.