Tuesday, July 1, 2008

Few Notes... Tech... Oil pressure

Tech has formed a short term base for a rally. BUT a follow through may very well be dependent on pressures from energy (oil news) and a weak US$(euro-union to raise rates?)

AAPL & RIMM each made a $10 turn around. However, RIMM after hours showed another sell off with profit taking and a few bulls finding a sell point/take their loss.

The run up for AAPL is also related to the iPhone release and earnings on July 21. Some wonder if AT&T has indeed subsidized the iPhone, meaning a guaranteed pay out to Apple. So, although I will refuse to participate (until a base is formed >205), AAPL may very well be in for a relief/sector rally.

I still think energy has some punches left. The trend is still for Oil to go higher the rest of the year. GW-Bush is still in charge... but patience is necessary

I will pay attention to the 1030am EST numbers... and set up ONE deep ITM index put for unemployment come Thursday as planned.

Mind you, if the unemployment numbers are better than expected we will get that mini rally the bulls have been begging for - otherwise its more Bears as usual. i may throw a call out there just in case..

Watchlist includes: USO, PCLN, HK, GG, RIMM, INDEXes (DIA, SPY, QQQQ, SDS)

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