The Nymphs took me to the river where I was served hand and foot. Looking at my blackberry I realized the market had reversed course. Wouldn’t you know I could not get back into the King of PG Castle. Now those nymphs are gonna have to suck my thumbs for having to post over this blackberry gadget.

I tell you that mrkcbill is slick….Not wanting to leave the castle he filed down the keys to the Kingdom and has left me locked out for the moment. So my full belly Philly Cheese steak update is here in the PG.

At any rate, the market is down with oil ticking higher. I’m going to give up trying to call a correction in oil. Despite oil being up most oil & gas stocks I watch are down. Although this type of action never seems to last more than a day.

This might provide opportunity in PDO, APA, HES, EOG, PBR, and drillers like BBG, RIG, and DO.

Coal stocks seemed to be getting de-bollocked at the moment. (BTU: 18.39 -10.90%) and (MEE: 10.96 -7.20%) look like a train wreck. These stocks seems to have momentum for a little longer than oil and gas stocks so maybe give the sector another day or two if your thinking of going fishing. MEE might have to pay out $125 million in cash. This is 25% of their cash position, but I would not sweat this and feel it will provide opportunity in a day or two.

Notice how XOM can’t get over $89 lately….again this suggests to me especially looking into their earnings that oil is lofty. Even with an upgrade today the stock still has problems getting over $89.

At any rate I’m going to sit on my hands for today since I scraped my fingers on ENER and TSL.

For all you perma bears out there I thought this article might get you excited:

 http://uk.reuters.com/article/ousiv/idUKN2634924420080630?pageNumber=3&virtualBrandChannel=0&sp=true

Also keep your eyes open early tomorrow morning for Trichet and the ECB’s decision on interest rates. Perhaps the dollar is selling off in anticipation of a hike in rates in Europe. Plus tomorrows unemployment report will be key to a sink or swim market…

GLT

by GW