In my non meteorological opinion, unless Gustav (I like to call him Gus)hits our gulf rigs square in the face, I mean bulls eye, we will have some of the greatest short set ups in the energy patch in a while. DVN, XTO, APA,RIG, DO–all of them will be good for 5-10 points.This is such a slow news week and this is all CNBC and the other news outlets have to talk about, with the exception of Mick Jagger-uh I mean Barack Obamas coronation. If my memory serves me correctly, even next week will be slow, but probably not as slow as this week. I am not in the camp that believes that when the Hampton’s elite return, that thing get better in the market. Sure, volume will improve, but not necessarily the results, as a matter of fact we could all be in for a rude awakening.
It was another choppy day and I fooled around with AMLN and SOLF on the short side as I mentioned in the morning post. SOLF gave me some nice bounce opportunities to short, but AMLN was just a staircase down all day.I played them small, wish I played them bigger, but I don’t want to make a market donation this week and this type of market will take your money, and fast.
I do think agriculture and energy resume their slide shortly, maybe next week. The big question is what leads, I’m thinking tech.