The Wrap 4/11/11

{+++} It was another chop fest today and crude dropped about $4. The XLE dropped as well and energy stocks took a thumping. Oil dropped for two reasons, Goldman Sachs got a little dovish on the Texas Tea and Ghadaffi became nice all of a sudden.

As a result of the sell off we took a stop on APC,  but took a 6% partial profit on UDRL. Alcoa reported earnings after the close and took a 3% hit. Alcoa is the red headed step child of the commodity business and believe it or not is one of the few commodity/material companies that doesn’t benefit from a weak dollar. I like to call it the Yahoo/Intel of commodities as it perpetually disappoints.

As you know, I pull in my horns during earnings season, as  it is crazy time at the ranch and I don’t trust anything, especially when the world is falling apart, despite what the Pollyannas’s tell you all day. Things aren’t good and I’ve grown weary of the bullish rhetoric. We are in a choppy trading range and unless we break over S&P 1344 I’m just not that interested with the exception of something exceptional that strikes my fancy, and there is always one or two of those.

I’m not looking for an Apocalypse, but I would like a nice 5 to 10% correction. There are no new additions tonight. Hope you a had a good day and I will see you in the morning.

Please check the P&L nightly for any stop or entry changes.

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