Thursday, June 19, 2008

Like I Said...Itʻs about the Oil... btw SKF may be a buy.

My failure yesterday to have gotten out of HK ITM meant some lost ground today. I am unsure as to what is going on with oil at this point. I still think there is a spike that will come somewhere. I am glad that I didnt get greedy and go for some short term calls.

It seems as the momentum stocks: coal/energy have some profit taking going on. For the most part their was some recovery, but their leader PCX took a whacking. I think it may be a buy at the end of Fridays session if it stays red. Is this a fakeout by the big guns? the Wall Street Mafia? maybe... But for the most part it is all about the oil... The trading range i observed (and posted something similar earlier) has been 132 to 135 if you are looking at a tight range, but it goes as far as 130 to 139.

i still have some cash... i aint touching it. Another opportunity awaits maybe as soon as Friday...

Dont get greedy... stay disciplined. Do i wish i cashed in the profit earlier? sure... but i am glad i have the calls a few months out to filter out my lack of... discipline... i may buy some USO puts to hedge my HK & DBA...

SKF looks good. i mean BSC executives in trouble with the Law... and MS predicting a catastrophic coming. Uh.. hello? Not it not new... Credit/housing/fuel... and watch out when a solid negative unemployment comes out... so for now, i think SKF may be the surest of the picks i have been watching... It too benefitted from Oil getting knocked around.

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