Covered Half Of My Shorts

Hopefully I’ll get another chance to reload but I’m not stupid. USO was a great move and although it looked like death early, it rallied back to close over $101 after breaking $100 earlier. GLD has come down dramatically and I think will go even lower but there will be some bounces along the way. XME opened weak, but was surprisingly strong as the day wore on. I caught some PCU short pre market for about 3 points but unless you were quick you missed it. Same with RIG, great for an opening trade but it bounced. I would have held XME,PCU,RIG longer but they acted stronger than I thought they should have. Sectors like this take a while to unwind and so far my call on the dollar has been working but I’m a trader so my time frames are short and the rest could be covered at any point, they also could be added to. Sorry if I confused you but I think you follow. Bottom line I still fully believe the commodity space goes lower, but I trade the tape. The financials exploded and if you have time, look at a chart of Citibank today, it gives you an idea of what happens when the big boys want to buy a sector again. A stairway strait up with relentless, uninterrupted buying. I think financials continue to rock next week.

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