As I tweeted today, a down Friday equals an up Monday! And that has held for an entire year. Also Stock Trader’s Almanac said “Monday before May expiration, Dow up 19 of last 21.” …which makes it 20 out of 22 now. But that’s not all, “May Expiration Friday, Dow up 5 of last 6! This could be a good week. 
The market is sure spastic, but I’m still looking for some pressure to the upside, as could be seen this afternoon. That was a big move off the lows. But again, futures are showing their negative side….but then again, China hasn’t opened yet. And don’t forget yesterday’s big overnight reversal.
I added to my UCO position as I’m still looking for support around $10. It did overshoot, so I added. I have a stop under today’s low now. Here’s a couple of articles I found today on oil:
Why Oil Prices Are Plunging Despite the Gulf Spill
China Studies Using FX Reserves to Exchange for Oil
And another interesting story:
How P&G Plunge Derailed One Investor
Ok, I better update my TCnet and do some scans!
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
0 Responses to “Not much, but still up!”