Friday, August 8, 2008

Victory

The greenback exploded this week and that was the catalyst for the implosion in commodities. This mornings blog was pretty right on with regard to how to play the move. I was short all the names on that list as well as long the UAUA which gave some good opportunities to get long. I've been trading "around " the agriculture stocks, both long and short this week but I'm glad I am still short AGA, which is the double short ag, etf which I have had since Monday.

I really missed the long side move in technology this week as I was caught up in the commodity sector. I will be looking for opportunities over the weekend in that space. This commodity money has to go somewhere and I think that group will be home sweet home for a while. The financials are way over bought and I will be looking for shorts there for next week.

Charts that lightly breached support today were APA and MEE. Absent a recovery rally, these two look destined for the graveyard as well as many others that I will post this weekend. I posted their charts last night, check them out. Also, I posted a bunch of charts last night stating that if we are to start a new bull run, those stocks on the list had to fail. Well,they all failed pretty well today and I hope you were able to take advantage.

Right now, the theme is STRONG DOLLAR AND SELL COMMODITIES. Don't be crazy short though, wait for set ups, they will have a snap back rally, and you won't want to get caught.

I am grabbing my honey and a beer and going out to dinner. Check you later.

2 comments:

Akilan said...

Love your blog.
How strong do you think dollar can go?

upsidetrader said...

akilan

the dollar had a major move this week so it will probably trade a bit sideways and then resume higher--and thanks

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.