They took me by surprise today but I was able to jump on the train for a couple of nice trades. When FNM puked up some bad news and the market started to act teflon it was time to take a nibble. I caught USB and HCBK near the lows for a couple of nice trades. As you know I think the XLF is do for a rest but the opportunity presented itself. By the way the only banks I trade these days is USB and HCBK. Clearly two of the strongest and most conservative banks you can buy so my fear of a blindside is greatly reduced. By the way, when the financials do get some giddy up on a sustained basis, UBS looks beautiful over $35 on a breakout with volume. I’ll chart that one soon. In the meantime I’ve been making money in the middle.
Oil at $122, I guess we’ll be $125 in a matter of nanoseconds, although Goldman thinks $150-200 over the next six to twelve months. They were very right the last time. So much for the strong dollar play.
CHNR tried to get cute and run but it ran into a Chinese Wall, pun intended. It still looks good and it’s one to keep a close eye on.
By the way these rebate checks are a joke.Thats about three fill ups each for a two SUV family over a period of a month. Ridiculous.