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I suggested buying OIH this morning. Benji, who often posts snarky, sneering remarks, had this to offer:
That's strange, because I'm already up five figures on my DIG position today, so I actually thought my energy ideas was pretty good. Oh, well. Can't please 'em all, I guess. Booyah!
I think I'm going to avoid the mistake of buying a bajillion little bitty positions on the long side. I'm going to keep it really, really simple. I'm loading up on DIG at these levels.
Isn't it amazing that a mere two months ago the Russell 2000 was at its highest point in history? Honestly, can you believe it? September 19th was truly the most glorious day to be a bear, even though it seemed the most terrible. Markets can be quite ironic.
Bank of America (BAC) has lost nearly 80% of its value from its high a little over a year ago. Looking at this chart, I'm sure some folks are tempted.
Let keep things in perspective, however.
My view is that, if we're going to have a bounce at some point (will it ever come? ever?), BAC is a decent candidate for a bounce from its next retracement level (Fibonacci, not the 2sweeties kind) at about $10.50. It's not there yet.
Anyone think BIDU is worth a long position at these levels?
I keep my eye trained on commodities and energy for signs of a turnaround. I must say, my purchase of DBA a few days ago has held up incredibly well through all this. It's a six-figure position, and as of last night it had a $230 loss. I'll gladly take that! Looking at crude oil, we had fallen to the near-bottom of an extremely long-term channel; the last time it touched this level was November 2001.
Not surprisingly, OIH is also pushing its lowest fan line (although as of this writing it is as a new multi-year low).
One key element, of course, is the Euro/USD relationship. Watch this triangle for a potential upside breakout.
