So someone from Saudi says they will increase oil production by 200K barrels/month. Then another news item says that OPEC will not make any news decisions on production amounts until Sept 9. hmmm. Anyway, i think USO goes down a bit on Monday.
The real news this week includes earnings reports from LEH & GS. I think GS will again buck their competitors with a profit. However, guidance and observations on banks/credit in general will be key.
This will be a week of uncertainty in regards to the way Wall Street reacts in dissecting statements from earnings conferences.
What is on my radar is PCX. Will it cool off on oil news or be resistant and carry on the momentum. Will banks drag the whole market down? Anyway, it is key to see where the money is flowing to.
Another thing to watch is DBA (thx Gio). The option contracts are plentiful and relatively cheap. For example an Oct40call@3.43 is not bad at all. You have both time on your side and it is in the money. Food prices will not go down this summer, especially if the fuel folks are still making gas out of our Food. Thx guys...
I do have a few puts worth mentioning: ADBE & LEH. that is all...cheap stuff that will only score on disaster like reports.
So, watchlist: ADBE, DBA, LEH, PCX, USO, SKF.
Lakers stave off elimination. But i think it is a tough call the rest of the way. I think that they lose Game 6... What i read about regarding game 5 was totally expected. It is interesting that the Lakers score most of their points in the first period. Imagine if they had the killer instinct (and Bynum). I think the series would have been 4-1 Lakers. But Bynum is nowhere to be found til next year. At this juncture I think I will congratulate the Lakers on a great season... I would force them to watch how they blew a 20+point lead into half of the 3rd period if they reach the Finals next year.