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I've bought these three stocks. I'm not doing much trading today, since I'm basically waiting out this miniature storm of the market pushing higher. Keep in mind these are relatively low-volume, volatile, high-risk issues. I have been shying away from these recently, but these three looked decent enough for the moment.
I mentioned being short-term bullish on energy yesterday, and that seems to have panned out – the $XOI is up nearly 2%, and UNG, OIH, and USO are all up.
I've sold my energy longs (except for UNG) and have bought some DUG, since I think this is just a retracement. Here's a minute graph of OIH:
I have a "stolen blanket" story that I hope to share with you in the next day or two, completely with surveillance video, if I can manage it. It will make an interesting little tale for Slope.
In the meantime, I've bought SCC in anticipation (shame on me, but I confess) of a breakout above this neckline. I'm placing a target price of ~$82 and I've got my stop at 66.72.
These days, it's starting to feel like each day is three steps forward, two steps back. There's progress – and profit – every day – but a goodly chunk of the maximum intraday profits vanishes with the regular recurrence of this kind of end-of-day nonsense:
It really is like clockwork: ninety minutes before the close, the GS boys step in, and up, up, and away the market goes!
But, as I said, each day still brings progress. What I'm starting to see is the kind of thing we saw last autumn – – – that is, many weeks (or months) of higher prices blown away in just a couple of days of selling. My two biggest percentage gainers right now, the puts I own on CME and ICE, are good examples:
I've been in "too busy to read comments" mode, so sorry to not participate. I'm pretty bushed for the day, so I'll call it quits here. I still have many, many short positions, but I will say that I've got long a couple of energy plays – UNG and USO – so we'll see if those turn out decently or get blown up at the opening bell.
