Monday, June 8, 2009

Dollar Reversal and Weakness


going long commodity stocks here.

8 comments:

Stewie said...

WOW! Booked a solid 2 points in ERX. All cash for overnight.

szaman said...

Good call dude,rode it with you.

Stewie said...

thanks szaman. happy to hear that! it was a rather strange day and it was really hard to believe that the indexes actually went into the green at one point amid so much red in individual issues.

PIK - Richmond VA said...

I think we may see $24.60 om UUP as a point of resistance, but in bizzaro world anything can happen. My focus lately has been on UNG as there is so much pressure building it has to break in one direction or another.

szaman said...

you are welcome.I am really pissed that i missed MNKD and MRM and LDK today. Sweet moves.

Stewie said...

hi pik, something about UNG bothers me. i do not like the way it is trying to bottom.

Stewie said...

szaman: don't feel too badly, today was kind of of a hard day to be long anything but great instincts to sniff out MNKD and LDK. truly diamonds in the rough.

PIK - Richmond VA said...

Stewie....I hear you on UNG and that is why I am being very careful here. The pattern itself historically should break to the downside, but the volume has kept me intrigued like a day time soap opera. The ratio of nat gas to oil is currently 18:1 which is very high (6:1 average historically). There is nothing to say NatGas will not go to $2.50, and it very well may....that is why I will just let the charts do the talking. For now it is worth watching because if it does break to the top side there is a lot of room to run.

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