So, it seems oil backs off its highs near $127. The sentiment on the street is that it has reached a ceiling. Maybe, short-term. in fact there are a number shorting USO as we speak today. So my $30 spec call will either be worthless or rewarding at weeks end.
The street is propaganding (if thats a word) that Oil is what getting in the way of bulls. Thus, the sell off in oil today. Some forgot that it primarily was the weak dollar that has caused the price of Oil to this point.
So oil related is down, as well as Ags. Most other blue chips are up... notables:
1) FSLR has kept above it's breakout move yesterday.
2) AAPL continues to march to its 52 wk hi. As i mentioned previously, i will not touch any calls until it crosses 200. looking at technicals... it was a buy back on March 22/23 @135 (crossing 50 day MA) AND again a month later April 21 @160 after it initially dipped below the 200 day MA. But it's all hindsight. I still remember it back on Feb option expiration day <120. i thought it was cheap... i was right, but i was wounded too many times by AAPL.
3) RIMM, after yesterday, i thought this thing would stay stuck under 140. nope. it maintains its high (post the last 3:1 split)
I sit back letting it V ride as it is up nice today. i guess i can view USO as insurance.