Thursday, August 21, 2008

It Was All About Commodities

I am at the point where I think oil may never break a $100 bucks. We live in a world where all the people that hate us control the oil flow. Think about it. Demand destruction is a powerful impetus for lower oil and the theme was working as evidenced by the huge surplus we saw a day or so ago, but geopolitical events are screwing up the party. The Israel/Iran tensions have made there way to the back page as Russia has take n center stage. Wait until that conflict raises its ugly head again, it would be the perfect storm for runaway oil prices. Anything can happen as we all know, but be aware.

I traded the ferties today from the long side, POT, MOS and AGU and did well. My mid day post alerted you guys to ENER for a long side bounce trade. I caught it for $2.50. That one is going much higher but needs to rest and trade sideways for a bit.

I borrowed some LEH to have in my back pocket just in case and shorted a little bit early, but it went out near the highs and it was a wash. The financials were down another 2% and they just look like the bored husband out with the in-laws with a long night ahead. No personal inference there, I dig my in-laws.

Although commodities did well, steel did not, I was surprised by that. Tomorrow is another day. Since the Olympics are on, I've been tuning in to "Happy Hour" over on Fox Business channel. It's a nice concept, it's filmed in the Bull and Bear bar in the Waldorf Astoria, me and the boys closed that place many a time back in the day(then strait to Penn Station while I slept past my stop). I love Eric Bolling and Rebbecca Gomez, who is very talented and so easy on the eyes, BUT, who is this complete moron Cody Willard? He is a cross between a mutant Jim Cramer(if that's possible) and a "dirty" Axel Rose(if that's possible). What gives? Dump this unprofessional clown and get it right. Every nanosecond he plugs his blog, interrupts guests and just acts like a complete clown. Oh, and wash your hair?


TheQuantifier said...

Upside what trading platform do you currently use? Anvil or else?

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.