Tag Archive for 'USO'

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Tomorrow!

Published on September 2, 2010, 9:48 pm in Opinions and Trading. Closed Tags: , , , , , , .

Yes, it’s all about the employment numbers on Friday. Are we overbought?….but is it a good overbought? The kind of overbought we got into in mid-March 2009? Friday’s reports will tell us.

All the news has been “not bad” the past 2 days…and if we can get another day’s worth, boy oh boy, we may go into the Labor Day weekend over 1100 S&P. Got to admit, that would be nice!

My moneymakers today were QTM AEZS USO and XLE. Friday’s pick’s will have to wait for the Non-Farm payroll report to get a feel for the trend. I would like to see oil try for $76 and the US dollar to rest in the $82 area. What the hell, the market never does what I want it to do. 8O

Slick oil

Published on August 25, 2010, 10:34 pm in Opinions and Trading. Closed Tags: , , , , , , , .

One of those weird days when gold, oil and the dollar, along with stocks, were up! As expected Durable Goods and the New Home sales sucked. Unexpected was the big oil inventories build-up, which sunk oil prices. But, like the last time this happened in late May, traders saw opportunity and started buying oil futures. And like it has done all year, oil led a move to the upside for stocks.

Keep an eye on oil to see which way we go stockwise. If oil continues its bravery, watch UCO USO and ERX.

Semiconductors also had some oomph in its step, most likely with the help of AAPL and INTC, but also watch XLK and SMH.

The crash for the day belongs to golfer Jim Furyk: Jim Furyk is disqualified from Barclays for missing pro-am tee time. Gee if he traveled more often he would know wbout hotel wake-up calls! :cry:

Got Oil?

Published on May 16, 2010, 7:55 pm in Opinions and Trading. Closed Tags: , , , , , , , .

With oil so much in the news, I would think that it should be hitting bottom soon…say, $70 maybe? I don’t trade the crude oil futures, so like I said a couple days ago, I’ve added USO UCO into the watchlist….I even nibbled a bit on UCO already. It looks like $10 has been a resistance/support area before.

Here’s a note on USO: Is This Oil ETF Ready For a Bounce? USO

After doing my scans this evening I see a lot of “evening star” setups, which generally means those particular stocks are going down. On the other side, I also found a greater number of hammers, looking for a reversal up on those stocks. Of course, as in all candlesticks signals, we need confirmation in the next candle, no matter which direction you think they may go.

Futures this evening are looking tired with ES down 6 points and YM down 60 points, and oil futures just about where they closed Friday. I went into the weekend on the long side, but in very small positions of UCO SSO and C. Remember, for the past year a down Friday is followed by an up Monday. :mrgreen:

I got some additional reading material for you today:
Impossible Wall Street Fixes

Fear of a Double Dip Could Cause One

The Huge Difference Between The “Flash Crash” And The Crash Of ’87

5 things we still don’t know about the market plunge

Happy trading and I’ll see you in the market!