Thursday, June 26, 2008

Coal, Kinross Gold and Frontier....again !

Funny how in a bull market all pullbacks are to be bought when the stock is named Apple or Google, or Dell bit in a commodity bull market the same doesn't apply. Sorta like selective application of the rules maybe. Could it be they (TV gurus and the like) plain old don't like or understand a commodity bull? Either way the Coal chart (above) looks to be in bull mode. Yesterdays hanging man candle caught my eye and is reminiscent of the bar on June 4. Coincidence or not, both occurred on heavy volume and I am enamored of this picture.

I am getting long 1 unit of the Market Vectors Coal ticker KOL at $55.60 with a sharp eye to adding a 2nd unit on a move above $57.60. which would take out the high of that hanging man.

Kinross Gold (above) looks like it wants to run. I have highlighted a larger possible bull flag formation of a 3 month duration, the topside of which is under assault today by the gold bulls. A move above the 22 level would be a nice comfort to this trader.

Are you sick of this one yet? Frontier Oil is a wonderful heavy oil refiner I, for some reason, have a crush on. Call me crazy, believe me many have called me worse, yet I see a double bottom forming knowing full well a larger double top could loom above. The high volume run up in May and the lower volume pullback here in June has my antennae up.
I am getting long 2 units here of Frontier ticker FTO at $25.15 with a stop at $23.46. Maybe this venture will be different than the last few.

Housekeeping notes;

I was filled on a 2nd unit long of the Currencyshares Swiss Franc ticker FXF at $97.30. Please remember that I am on alert for the $98.25 to be taken out on the upside to add a 3rd unit long.

Good speculating to you all and always remember that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 3 units Ultrashort Dow DXD@ $50.12 stops at DIA $130.26/127.34/126.42
Long 2 units Ultrashort Financials SKF @ $103.90 stops at XLF $26.72/25.54
Long 2 units Currencyshares Swiss Franc ticker FXF @ $96.83 stop at $93.82
Long 3 units Ultrashort ReEstate ticker SRS @ $88.95 stops at IYR $71.14/70.21/68.36
Long 1 unit US Gasoline Fund ticker UGA @ $60.35 stop at $62.54
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at QQQQ $49.56
Long 1 unit Ultrashort S&P ticker SDS @ $57.20 stop at SPY $141.54
Long 2 units Hecla Mining ticker HL @ $8.50 stop at $7.16
Long 2 units Kinross Gold ticker KGC @ $18.93 stop at $17.56
Long 1 unit Market Vector Coal ticker KOL @ $55.70 stop at $52.27
Long 2 units of Frontier Oil ticker FTO @ $25.20 stop at $23.46
Short 1 units Daimler AG ticker DAI @ $86.20 stop at $70.12
Short 2 units Brinker Int'al ticker EAT @ $20.07 stop at $22.44
Short 2 units Darden ticker DRI @ $36.35 stops at $35.36/33.54
Short 2 units Lehman ticker LEH @ $43.70 stop at $28.32
Short 2 units Deutsche Bank ticker DB @ $117.03 stops at $105.26/99.32
Short 1 unit of Visa ticker V @ $86.25 stop at $85.36
Short 1 unit HSBC ticker HBC @ $83.23 stop at $83.52
Short 1 unit of Netflix ticker NFLX @ $31.10 stop at $34.64
Short 1 unit of IBM ticker IBM @ $122.80 stop at $127.27

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