Wednesday, August 27, 2008

If Hurricanes Miss

In my non meteorological opinion, unless Gustav (I like to call him Gus)hits our gulf rigs square in the face, I mean bulls eye, we will have some of the greatest short set ups in the energy patch in a while. DVN, XTO, APA,RIG, DO--all of them will be good for 5-10 points.This is such a slow news week and this is all CNBC and the other news outlets have to talk about, with the exception of Mick Jagger-uh I mean Barack Obamas coronation. If my memory serves me correctly, even next week will be slow, but probably not as slow as this week. I am not in the camp that believes that when the Hampton's elite return, that thing get better in the market. Sure, volume will improve, but not necessarily the results, as a matter of fact we could all be in for a rude awakening.

It was another choppy day and I fooled around with AMLN and SOLF on the short side as I mentioned in the morning post. SOLF gave me some nice bounce opportunities to short, but AMLN was just a staircase down all day.I played them small, wish I played them bigger, but I don't want to make a market donation this week and this type of market will take your money, and fast.

I do think agriculture and energy resume their slide shortly, maybe next week. The big question is what leads, I'm thinking tech.


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.