The market was flat for the week but there were raging bull and bear markets everywhere all week long. Today it was short commodities. Long one day and short the next. Watch them bounce next week again. This will continue to happen until they hit their price targets and it could take months.I was finished trading around the time of my last post and there wasn't a meaningful down move or retest in the space I was in, although POT closed poorly and couldn't regain anything.
I am curious to see how Russia plays out over the weekend. All the demand destruction and higher dollar talk in the world, doesn't matter if they continue to stay aggressive.
Wouldn't it be ironic if oil goes to $70 and Boone Pickens has all those windmills and the major auto companies have all retrofitted there factories to make cars the size of acorns? I wonder how many billion dollar solar contracts will be awarded under hat scenario?
Interesting times for sure. Wish I had tomorrows newspaper.
Friday, August 15, 2008
Happy Friday
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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.
2 comments:
70 dollar oil would hurt the Russians terribly. They sell us oil ( in a round about way) and buy treasuries and toxic mortgages.
Pickens might be having a ball with his 'Pickens Plan' initiative, but his portfolio isn't doing too well...
http://bespokeinvest.typepad.com/bespoke/2008/08/t-boone-pickens.html
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