Friday, August 29, 2008

Week in review, Week in preview

Shaky week with no sustained move in any direction.

Last day was really interesting - I think it changed quite a lot on market sectors flow.

Natural Gas confirmed intermediate bottom and today (Friday) money flow was disproportionally high compared to stale price action - hurricane or not, next week most likely will be up.

Financials - stellar performers this week, today huge distribution into the topping action (opened XLF puts position at 3:30)

Nasdaq100 - DELLusional sell action today with substantial accumulation ( opened QQQQ calls position - somehow almost at the low of the day, if was patient and yet again have not replaced original buy order - would be off only 1c instead of 3c on Sep48 calls - playing with fire here )

Speaking of QQQQ - IBB and SMH accumulation distribution pretty much in line with price action, so I assume consumer related stocks might attempt to lead Q's higher next week (Opened WFMI long call position on Thursday)

Crude oil - nothing unusual there, same goes for oil services

A lot of distribution on TSO/VLO suckers play.

DBC - some accumulation there (as oppose to stale action in soft commodities)

Homebuilder - confirmed sell as of today (took no action)

$RUT - some distribution there - if moves up Monday morning might open short position ( in spite of talking heads opinion that small cap is less dependent from rising dollar and borrowing costs - they know nothing)

Huge distribution in Dow Transport - missed that one or would be long puts all over it.

Strong accumulation on PPH - pharma back as "safe play"?

Tuesday will be "sell the open, buy 10:30" kind of day
"See" you Tuesday