Tag Archive for 'UNG'

Wow!

Published on November 4, 2010, 9:31 pm in Opinions and Trading. Closed Tags: , , , , .

What a great day for trading….and a solid day for all the indexes. I really wasn’t expecting it. The norm is for the markets to do the opposite of what they do on FOMC day. Since they were up yesterday, I thought we would go down today. But no. The rest of the world was up so the US put the exclamation mark on Thursday’s market!

Although the Jobs Claims report wasn’t that great, the market quickly brushed it off. New 52-week highs exploded on decent volume.

I grabbed profits from XLF, C, and UNG, and still holding positions in TBT, C, UNG, and DRYS. I also started positions in QID and ZSL.

Looking for Non-Farm Payroll report to be…..well, it doesn’t really matter. If it’s strong, that might put a damper on QE2, If it’s weak, then the market may be weak. So I’m looking for a bit of downside no matter what the report says.

Then after the morning report, also look out for Pending Home Sales at 10AM and Consumer Credit at 3PM. The market has been growing each day with more excitement. So let’s see if it goes out with a bang!

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Crazy Train!

Published on April 13, 2010, 10:43 pm in Opinions and Trading. Closed Tags: , , , .

As Ozzy Osbourne sings, “Crazy, but that’s how it goes…. I’m living with something’ that just isn’t fair.” And boy was today a crazy train!

The top 5 active stocks represented 20% of the volume today. Four of those stocks are under 5 bucks, ABK C BPOP FNM. Only BAC was over five dollars. Not what you would call a healthy market. Pathetic volume to begin with and then 5 most active are government-welfare financial stocks! :cry:

One trade I made today was to cash out some UNG calls for 38%. A nice take on a two-week hold. I also sold my SPY puts on that morning run down. I felt particularly good about that after the reversal and continuing grind up in the markets….crazy.

In case you haven’t heard, Recession is not over yet, says US panel.

And I find this disturbing: For Consumers, Time to Shop Until the Mortgage Drops. You’ve got to wonder how we have record consumer spending and record housing defaults.

INTC blew away its earnings and went nuclear after hours….which isn’t unusual for them. Actually that’s very predictable. And more often than not, it gaps up the next day and then reverses. So we’ll see.

Okay, we’ve reached the hump on OpEx week. Remember, after Monday and Tuesday even the calendar says W T F . . .

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Look, No Wires!

Published on April 6, 2010, 10:44 pm in Trading. Closed Tags: , .

The market is levitating on a stage, but I can’t see the wires that are lifting it. And this is a dinner cabaret, so isn’t it fun to go to dinner when someone else is buying? Isn’t that what the FOMC is doing? Free money! Free drinks! Suck it up suckers!

I’ve come to the conclusion that the market is simply never ever going to go down for more than one day (or a few hours) in a row.

Okay, enough of that BS.

So I’m still wondering what is driving the indexes up. It doesn’t matter because all you can do is react to what the market is doing…..not what you want or wish it to do. 8O

I sold the rest of the DRYS calls for 40% and UNG calls for 81%. It would have been nice if I had loaded up, but it just doesn’t happen that way. I’m happy with those calls, but still dragging along some losers….TZA TWM just waiting for the highly anticipated correction….maybe.

Although it’s a light news week, tomorrow we have Mortgage Apps, Consumer Credit and another Treasury auction….oh yeah, and Bernanke has a speech. Let’s see if tomorrow does anything different.

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I’m confused but not alone

Published on April 4, 2010, 9:16 pm in Opinions and Trading. Closed Tags: , , .

If you’ve been making the rounds you have to be in the group of dazed and confused. I’d say about 75% of the blogs I read are saying:

We’re oversold, fatigued, low volume, too many call buyers, bullish/bearish/neutral, [add your own words]. We should have a correction here but we could still move up/sideways a bit….or a small correction before new highs…or new highs before a small correction.

The other 25% are busy with their new iPads. :lol:

My opinion is that the news has not been good. Sure, markets were happy with the jobless claims and non-farm payroll reports, but you need to review the last 18 months of reports. Let me put it this way: if you put a cup of sugar into the ocean, would it taste sweet? $%@&* No!

On the flip side, my short positions have been getting chopped into teeny tiny bits and fed to the bulls. It’s not only the shorts but the longs also. I try one direction and get stopped…try the other way and get stopped again. I’m about 80% in a cash position and have a small short position via TZA and small long positions in DRYS and UNG.

Monday brings us ISM Non-Manufacturing and US Pending Home Sales, Australia has an interest rate decision and the UK markets are closed….and the futures are all gung ho green with the ES up 6 points from Thursday’s close. Indexes may still show a holiday-like volume so I’ll keep my cash position for another day.

Hope everyone had a wonderful Easter!

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