Thursday, April 24, 2008

Afternoon Market Update

Yesterday's "Market Sectors Watch for April 24" worked out surprisingly well - except for that it was not MAY, but APRIL indeed:-) ( always better to have a plan, even a bad one, than no plan at all)
Few quick thoughts on Financial ETF (XLF)
It is nearing important $27-27.50 resistance area, most likely it will take a short breather and then, finally will say descending price channel Goodbye. I don't think that it is a good idea to go long or short at this point ( even for day trade) - action may get quite jittery along the way.

(DUG) long and (OIH) long puts trade works very well so far - protect your profits - I will. ( As a matter of fact I already took some profits off the table on both in the A.M.)
(As you know DUG is inverse USO short oil ETF and OIH - all great runs ends one day or at least pulling back...some...andsome....and sometimes ...more ...and more )