LINES IN THE SAND (by Goatmug)

By -

I've been doing some unusual posts of late and I'm extremely busy.  I've done a lot of looking at charts and I am going to share them with you.  These are positions I've owned for a very long time and have done well in my long term account with.  These are all plays that I've mentioned over the last two years.  Each of them (with the exception of the last 4) look very similar.  I've indicated ones that I actually sold this week, but also have indicated my levels for stops if I still have them.  I don't have time for any commentary on any of them, check out the charts and look at the stop levels.  If the eft or stock is trading below the level indicated, I'm probably out.

As you know, I expect some sort of resolution to the Greek issue because the ECB cannot let that fail.  We will or should get some relief rally, but I think the bond market will immediately attack Italy, Spain, Portugal, and Ireland again, and we'll reface this same scenario and it will really hurt the prospects in the market till late summer or early September when we have some sort of new stimulus.

By the way, the short on RIMM that I've held on and off for a very long time (since mention on April 5th) has worked nicely.  I'm out of that trade now.  http://goatmug.blogspot.com/2011/04/apple-resting-or-shift-in-play.html  (Scary that a long time is a two months isn't it?)

XLE (ENERGY)

Stop $71.45

EWZ – BRAZIL

($71.45 – Sell)

ECH – CHILE

$73.62 – SELL

EWC – CANADA

$30.25

 EWM – $14.12

 

XLI – INDUSTRIALS

$35.75

VLO

$24

UGA – GASOLINE

$48.00

DBC – COMMODITIES

$28.40

BX -  BLACKSTONE 

$16

DEFENSIVE THEMES – NOT SELLING HERE

XLU – UTILITIES

$30.75

 

PPA – DEFENSE

$17.50

 

XLV – HEALTH CARE

$31.66

XLP – CONSUMER STAPLES

$28.80

 

That's it, no more commentary than that.  Be careful and blow out of positions that could crush you.  Chances are we get a relief rally this weekend, but it will be short lived and that will be the chance to unload positions that you don't want to have for a long time at lower prices.

Please check out the blog at www.goatmug.blogspot.com I'm got some good things cooking for the weekend.