Wednesday, June 11, 2008

(XLF) or "Toxic" Financials Part 2

Today was as good as any currently bearishly positioned trader can wish for...supports broken, panic in the air, calls to Cramer "I kept buying HD for YEARS at 15% discount" ( I DO feel sorry for that person, but next time don't get tempted by 15% employee discount, don't put all your nest eggs money into your frigging company stock - have you heard of Enron and Bear Sterns, sell at profit you had over the "years" an most importantly - don't make yourself look, hmm... sound bad asking CRAMER for advise - if he could consistently make money he would not be selling his services )

Now, that been said... I loved what I saw with financial and opened 1/4 of intended long position, will be adding aver the next few WEEKS and to make myself sound even more lame - I will start building longer term Home Builders and related services over the next few weeks, no rush, but time is as good as ever ( well, better I guess )

Just a quick note on OIL - this is / might be a very good week to go short/get out of long positions. I think so because all the hopelessness and fear all over TV, public restrooms ( glad I don't have to use those too often) and due to purely technical reasons ( set of not widely known extremely tweaked by yours truly indicators), plus one more reason Stated by Morgan Stanley - I'll just repost what I posted at TradeKing's forums ( I am not affiliate of TK, so I don't care if you like them, but I AM an affiliate of Worden TeleCharts and Blocks and you at no additional expenses to you might open TC account using the link on the left side or just tell them magic number 638 ) few days ago ( read below):
My hat off to Morgan Stanley on OIL
posted 06/08/08 01:38 PM | Viewed 104 times

It is not often that major brokerage house tells you "when to sell"

That was what MS just did ( as oppose to GS $150-200 price target for oil in "some future" )

MS by saying "Oil will be at $150 by July 4th" clearly sends out a message for those who can figure it out - SELL OIL BEFORE JULY 4th when seasonably unfavorable time for energy stocks/resources starts. ( which IS the end of June ).

Even is hysteria will change the normal flow of the energy markets this time - at least MS sent out clear honest message - tighten up your stop by then. Bravo MS!

DavidDT "