Tuesday, April 1, 2008

Charts on FXY, USO, and KOL

The Yen looks to be correcting an overbought condition. Volume looks to be light and as my notes indicate, those out there who have lamented not being involved in this trade are now presented with their opportunity, will they take it? I am biased as I am long a very healthy 6 units.

The USO chart (above) shows the fib retracement levels. It is my intention to get involved in this trade again so I am watching the 50-62% retracement level also known as "the box", very closely.

The market vectors coal etf (above) is rather new but shows a decent picture of the recent action. A move above 39 would pique my interest enough to test the water.

So more write downs you say UBS. Lehman raising capital, of course even though they don't need it! It all would be funny if it were not so sad. Are you being sucked in to this charade of a bottom. Yes the bottom they have been calling/praying for for months. The same ones who said it was contained now say its a bottom, they same ones who said it was contained now say the write offs are over. Like I said funny, very funny.
Did I say I was watching MasterCard as a short, someone kick me the next time I want to short that absolute stalwart of a stock. For those who think may head is made of teak or something even denser, I remind you of what happened to former stock market darlings like Garmin, Crocs et al as mild evidence in my defense. Bear with me so to speak.
Good speculating to you all.

Open Positions:

Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 1 unit Ultrashort China25 ticker FXP @ $84.55 stop at $84.85
Long 4 units Ultrashort Dow 30 ticker DXD @ $58.00 stop at $53.10
Long 2 units Ultrashort Real Estate ticker SRS @ $92.85 stop at $89.65
Long 2 units Ultrashort Financials ticker SKF @ $102.20 stop at $98.70
Long 1 units Ultrashort Emerging Mkts ticker EEV @ $83.3 stop at $79.45
Short 3 units of Deutsche Bank ticker DB @ $117.15 stop at $119.40
Short 2 units Citigroup ticker C @ $23.45 stop at $25.40
Short 2 units AGCO ticker AG @ $61.00 stop at $62.75
Short 2 untis Daimler AG ticker DAI @ $86.20 stop at $88.05

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