The Wrap 3/2/11

{+++} Oil was all that mattered today as it closed at $102.80. It seemed that every uptick in the Texas Tea was met with a down tick in the S&P, until later in the day when the market caught some wind and staged a bit of a rally.

I have nothing but shorts on the list tonight. This doesn’t mean that I am calling for a sell off, it just means that I want you to have some names to go to “IF “ we roll over.  I’m fairly convinced that when Libya gets resolved that oil will drop and the market could possibly stage a pretty significant knee jerk short covering rally. Until then, lets play it smaller than usual and keep our patience and our powder dry.

We are back to being a headline market and the market reacts to every rumor out of the Mideast whether it’s true or untrue. One thing we know for sure, at this immediate point in time, the Mideast is a powder keg. Saudi Arabia is key. I think the new range for oil will be 90-120 and the next month will be interesting.

Enjoy your evening and I will catch up with you in the morning. I started the new March P&L this evening and carried over anything that is material from last month.

CPLA
CPLA
GS
GS
FSLR
FSLR
CREE
CREE
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