Friday, June 27, 2008

Long Contango Oil and Gas - MCF

I want to touch on a stock I have not mentioned in a long time and for good reason. That being Contango Oil and Gas ticker MCF. I talked about getting long thru $40 but never acted on it. Big mistake on my part but such is trading. I am back at this due the beautiful looking bull flag flying on it !

We have this occurring on light volume which is wonderful. I am getting long 1 unit here at $93.90, in the middle of the flag (no man's land) with the intention to get even longer when the $95.20 level is taken out.

Do yourself a favor, do not look at a 1 yr or 2yr chart on MCF as it will scare you aware sure as shootin', which is exactly why it is headed higher in very short order. A truly beautful looking chart.


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 $62.22/60.49/58.62
Long 2 units Ultrashort Financials SKF @ $103.90 stops $139.46/134.67
Long 2 units Currencyshares Swiss Franc ticker FXF @ $96.83 stop at $93.82
Long 3 units Ultrashort ReEstate ticker SRS @ $88.95 stops $99.23/97.47/92.72
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 $41.91
Long 1 unit Ultrashort S&P ticker SDS @ $57.20 stop $61.57
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 1 unit Contango Oil ticker MCF @ $94.00 stop at $90.07
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 $20.68
Short 2 units Darden ticker DRI @ $36.35 stops at $35.36
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 2 units of Netflix ticker NFLX @ $30.35 stop at $32.34
Short 1 unit of IBM ticker IBM @ $122.80 stop at $127.27

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