Wednesday, June 18, 2008

Getting long Clean Energy - CLNE

The chart (above) is of an old friend, Boone Picken's Clean Energy. As the chart clearly indicates we had a very nice break out of the falling wedge back in early May. The recent pull back affords me the opportunity to get involved in this trade at these levels. I am getting long 2 units here at $13.05 with a relatively tight stop at $12.36

I want to bring your attention to an existing position, Hecla Mining (chart above). I am already involved in this trade and the time is coming, probably sooner rather than later, to get longer. A break above the $8.60 level with compel me to add a 2nd unit long.

Ahhh what to say about the banks and financials. Buy the banks right Wall St. ? Yes, I realise they're generational buy levels. Morgan including one time extraordinary items in operating income. Gotta love it but don't expect Chris Cox at the SEC to do anything about it. John Mack did nothing wrong involving Pequot Capital and has done nothing wrong this morning. If you are a Morgan shareholder just keep listening to what he says and not what he does, or you can follow that market maven extraordinaire Dennis Kneale's mantra of "keep the faith". I wish you well Morgan shareholders, you will need it.

I am a very positive person, no really I am. I know this may be hard to believe but it's true. But to be positive and upbeat on an object, like the market, in the face of overwhelmingly obvious negative factual data is stupidity of the highest order. I am no bull or bear but a realist and I will let facts guide me.

Am I a pessimist if I call for rain when the sky is dark and cloudy and the weather pressure gauges highly suggest rain is likely? Of course I wouldn't be. But on Wall St. and pompom TV this is not the case. You are a curmudgeon, a fear monger, a persona non grata. Besides, being bearish interferes with Wall St.'s commission flow as anyone who has studied capital markets longer than 15 minutes knows revenues and incomes surge during bull markets and tank in bear so there is a vested interest in 'keeping the faith' so to speak.
Any wonder why NAR (National Assoc. of Realtors) continually spews false garbage out to the public. David Lereah, Lawrence Yun et al. can't make a buck in a bear market, so call it what you want but a conflict of interest does come to this writers mind.

Housekeeping notes;

I was stopped out of my 2 unit long position in Frontier Oil - FTO at $ 26.35 for a flat trade. I still like it and may very well be back at the buffet table for a 3rd helping if the chart tells me to. All the while keeping my losses small.

I was filled on a 2nd unit long of Kinross Gold -KGC at $19.05

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 at DIA $130.26/127.34/126.42
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 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 $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 $49.56
Long 1 unit Ultrashort S&P ticker SDS @ $57.20 stop at SPY $141.54
Long 1 unit Hecla Mining ticker HL @ $8.30 stop at $7.16
Long 2 unit Kinross Gold ticker KGC @ $18.93 stop at $17.56
Long 2 units Clean Energy ticker CLNE @ $13.15 stop at $12.36
Short 1 units Daimler AG ticker DAI @ $86.20 stop at $71.62
Short 1 unit Brinker Int'al ticker EAT @ $21.25 stop at $22.44
Short 2 units Darden ticker DRI @ $36.35 stops at $35.36/33.54
Short 1 unit 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

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