Thursday, May 22, 2008

SOLD V... Bought USO

Granted my profit was smaller because my trade trigger was set in error. Either way, at least i got a modest profit to set off my losses for the year.

I wish i had these calls last week. The chart says this is just a break before it goes higher...
Bought 1 USO June120call (for a big run)
Bought 1 USO July 97call (a solid base has been formed above 100)

My timing of course is not the best... it may be the worst... who knows. All i know is oil still has some ways to go. It touched the $135. I see maybe another day it eases. But we are in the midst summer. i wouldnt be surprised that oil/barrel reaches 150 by July.

Btw, i still V will have a nice run... but wait for its earnings. and let the chart say where to go. As for now it will go sideways.

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