Tuesday, January 26, 2010

Oilman mindset

 2010-01-26_1200One of Warren Buffet jokes.

A very successful oilman dies. He faces Saint Peter, who says, “You’ve been a good man and normally I’d send you to heaven, but heaven is full. We only have a place in hell.” The oilman says, “Any chance I could talk to other oilmen who are in heaven? Maybe I can convince someone to switch places with me?” Saint Peter says, “It’s never happened before, but sure, I don’t see any harm in it.” The oilman goes to heaven, finds an oilmen convention and yells, “They found a huge oil discovery in hell!” Oilmen are stampeding out of heaven to hell, and our oilman is running with them. Saint Peter asks him “Why are you going to hell with them? I have a spot in heaven, you can stay.” The oilman answers – “Are you kidding, what if it’s true?”

Moral? We expected this bounce, may be there is more upside, but I will stay with the original course of action and re-enter short positions at SPX 1105-1115 area per my expectation of “Higher Monday and Tuesday”.


($SPX) does not look like much except for kind of bear flag on hourly


2010-01-26_1152_001 And (AAPL) (which I am already prematurely short – what else is new- via Feb 195 puts acquired at $3.40 because I had to get out to eat…just added few more at $2.95)  looks like it might roll over by the end of today.



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