Glitch

The last post cut off. Anyway what I wanted to say is I am selling any rallies in financials and buying dips in energy, especially CHK. Also a correction on the morning watchlist, it was DXD not DDM that I meant to post. Later

It's Hard To Put Lipstick On This Pig

With all the Lieberman/Paulson saber rattling going on it didn't do much to affect big scary oil. I'd be lying if I said I wasn't unnerved by the big opening, but after the initial meteoric rise the market ran out of gas. The flurry of buying in the last 20 minutes was nothing more than some black boxes kicking in. I had to do a lot of movin and groovin to do to trade around my shorts from last night but it ended splendidly. At one point I found myself asking "is this heaven?" ( a great line from the movie Field of Dreams). I added to AA short, a new position in MER short which I caught perfectly and I even caught a beautiful trade in USO on the long side. QID was phenomenal and I caught most of that move. I also added to DXD and SDS on the rally. I am nicely ahead going into tomorrow and unless oil completely implodes, I think the market is looking at lower prices. Today was a very "bearish" day in my opinion and I couldn't have done it without my charts.

In U.S. Open news, Jim Furyk's left chest is worth $1.5 million. That is only one body part. His left sleeve is worth $600k. Excelon Corp. paid the $1.5 mil. Why can't I have a short game--or a long game for that matter. I'll be back later.

p.s. It was a good day, a very good day.

BROKEN !!!!!!!!!!!!

OK, so I had a momentary lapse of sanity yesterday when I posted the possibility of Devine Intervention to firm the greenback and hence have oil collapse and hence have the market rally. You all know there has been a heat wave on the east coast.It can still happen but odds are that the market has already made up its mind on where it wants to go. When am I going to realize that I'm in my happiest place (and most profitable) when I'm short.

The XLF closed 9 cents off the March low and will probably breach that in the morning. 52 week lows were being hit with reckless abandon in the last 20 minutes of trading and oil continues its wicked ways. The SPX closed at the lows and DJI was right there. The NAZZ jumped in the pool and gave up the ghost as well. Lehman became unhinged at the close and now you will start to hear every rumor possible regarding its imminent demise.

Here are my shorts:

AA-new short
SDS (long) double short S&P
DXD (long) double short DJIA
AG- was short all day and added in last hour
RTH- been short a couple of weeks
$NDX-july 1950 puts
TWM -(long) ulta short Russel 2000

Yes, I'm a little bearish. If it doesn't work it's been really nice knowing you.

MEDIC !!!!!!!!!!!!!

Get the gurney while you're at it. New 52 week low on S&P and NAZZ. We lost the all important 1310 level on S&P. We could hit the January lows soon, maybe even tomorrow on the DJIA. The intra day low for the DJIA was about 11,634 back on January 22. I don't even think a good number tomorrow will save us. The market has made up its mind today and it wants to go lower. The only up stock on my screen was COIN and what a stock that really is. The short etf's are still my best friends in here. Today I had some DXD. I was looking late in the afternoon for a break of 12100 as that is what appeared to be support in the afternoon. Well it cracked it finally, and the selling was aggressive. The indices went out, at, or near the lows which is never technically healthy. If you're short you are lucky and for my money I'd stay that way.

On another note of conventional Wall St. thinking, Merrill came out with buys on the mining stocks today (PCU,FCX) etc,, Have they been living in a cave? Where were they on PCU back in March 2007 at $62. We had a global growth story back then didn't we? I mentioned XME as a potential short a couple of days ago and I will stand by my thinking over a 26 year old bull market genius.

Yea, I feel dark today.