Time for a contra rally in oil/metals?by big snack on September 5th, 2008 at 8:32 am |
(2 votes, average: 4 out of 5)
Loading ...Im hoping for a down opening today to add to my long option positions in some oil, natural gas , gold , steel names etc. During the last hour yesterday the selling intensified greatly in financial and retail land. And although the market went out on lows the oil and metal market actually rallied creating a positive short term divergence. On my wish list for this morning is MCF, a great nat gas name as well as the fertilizers. I may buy more dug puts as well just to keep it simple. Please keep in mind im looking for a one to two day bounce here and not much more.
I noticed the exact same thing regarding oil late in the day. I couldn’t agree more about buying weakness at the open for a trade.
September 5th, 2008 at 9:23 amWell that theory went out the door. The sector is showing value and money will eventually have to rotate.
September 5th, 2008 at 11:43 amA correction is all were are experiencing since global demand easily picks up the slack that we an Western Europe give up.
I’m going to look at gold stocks this PM. History shows a big rally, after these kind of drops, on Fridays after 2:30 or so. I’ll be watching for a possible trade.
September 5th, 2008 at 11:47 amBeen buying the golds for a day trade since about 2:30.
September 5th, 2008 at 2:58 pmbig snacks,
September 9th, 2008 at 11:14 amWhat do you think about oil/ag short term? They are getting sold today. Are you still holding on to calls?