Tag Archive for 'XLK'

Slick oil

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:

Same old, same old

For three days in a row we have opened and closed right about the same place. This kind of trading shows we are confused and don’t know which way to go!

August is usually tricky trading because of the low volume. It’s a time to practice holding onto your money or taking a vacation.

I’m sitting a little bit long with a few January call options in XLK XLE XLF and TBT. I’m holding most of my money, but thought some limited speculative plays using options wouldn’t break my bank. Here’s to a great 200-point turnaround Tuesday! ;)