Wednesday, June 11, 2008

Frontier Oil - FTO. Back in the water...again !

I was uncermoniously stopped out of a wonderfully profitable position in Frontier recently. I broke one of my rules which is never let a winner become a loser. I was blinded by the $$$ signs. I am human, not a black box. That being said I have been watching Frontier very close. The first chart is a weekly view (below).

I realise this looks to be a massive double top formed and now which would imply a target of about $14. Yes hard to believe. We must also recognized that we are in a significant zone of support in this current area.
I hope I am not being blinded by the bullish oil story. I do believe that gas needs to play catch up to crude. I am getting long 2 units here of Frontier ticker FTO at $26.20 with a stop just below $24.


Good speculating to you all.
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 2/1 at DIA $130.26/127.34
Long 2 units Ultrashort Financials SKF @ $103.90 stops at XLF $26.72/25.54
Long 1 unit Currencyshares Swiss Franc ticker FXF @ $96.25 stop at $93.82
Long 2 units Ultrashort Real Estate ticker SRS @ $88.80 stop at IYR $71.08
Long 1 unit US Gasoline Fund ticker UGA @ $60.35 stop at $60.92
Long 1 unit US Heating Oil Fund ticker UHN @ $58.00 stop at $60.87
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at QQQQ $52.24
Long 1 units Ultrashort S&P ticker SDS @ $57.20 stop at SPY $141.54
Long 2 units Frontier Oil ticker FTO @ $26.25 stop at $24.22
Short 1 units Daimler AG ticker DAI @ $86.20 stop at $82.48
Short 1 unit Brinker Int'al ticker EAT @ $21.25 stop at $22.44
Short 2 units Goldman Sachs ticker GS @ $191.53 stops at $184.43/180.76
Short 2 units Darden ticker DRI @ $36.35 stops at $36.37/$35.24
Short 2 units Lehman ticker LEH @ $43.70 stops at $36.27/$30.92
Short 2 units Deutsche Bank ticker DB @ $117.03 stops at $114.89/105.37
Short 2 units HSBC ticker HBC @ $83.23 stop at $86.78
Short 1 unit of Visa ticker V @ $86.25 stop at $91.17
Short 1 unit of Netflix ticker NFLX @ $31.10 stop at $34.64

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