Monday, August 4, 2008

Lets Review, Shall We???

ICE down $10 and XOM down $3, CF down $13(twittered), AGA up $2.73, ESV down $5.50(twittered early)DRYS down $6.77 (twittered). Also some XME and JRCC short. sorry, can't get em all out. I was also short MOS for about four points. I am trying my best to be as interactive as possible here. Do your own due dilly but these continue to be the names and sectors that are working for me.

These were all my long/shorts today, all short actually, except for AGA which I posted yesterday and am holding overnight. They were on the blog either through a post over the weekend, or a twitter and post this morning. I hope you guys had a chance to grab a few names. Let me know how you did? I'd like to think these ideas are helping.

If I wasn't just short the commodity sector I would have thought the market was down 300 points, because they absolutely CRUUUUUUUSHED the sector. That's why I kept AGA overnight. This reminds me of the early days on the fianacials when everybody who was long had that "uh-oh" moment and just said get me the hell out. It had that kind of feel, and these names aren't coming back anytime soon.

I really though the financials would implode as they opened very soft after Meredith Whitney made negative comments about the sector on CNBC this morning. I still think there will be more pain there and will be watching the group carefully for opportunistic shorting set ups. Thain just said "if the world stays the same, banks won't have to raise more capital". First off ,the man is a liar, and when does the world ever stay the same?

Coal, steel, ags and oil. Look out below, but also watch for the vicious upside bounce that's coming.

2 comments:

Steve said...

Really enjoy the twitter comments and the charts.

I sld PCU in the am and bot SMN in the pm. It helps to watch the sister stocks of those you trade and to remember "volume never lies."

Downtown trader a has nice bit on what may be distribution in POT.

http://downtowntrader.blogspot.com/2008/08/stock-chart-pot.html

I just wonder if the leaders of the spring are executed what will hold up this market in the fall?

Good luck tomorrow!

George Jackson said...

Joe, your postings encouraged me to liquidate a large IPI position at 58.30 last week, and I took a trade on ICE today. Made me feel dirty--I made a killing on ICE as it ran after its IPO...But greed is good, and green is green...Rock on, brother!

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.