Uptrend's Account

[Uptrend]

Bought DXO this AM @2.51, IMO this fall to 2.43 is not supported, and it will regain strength. I waited until DXO gained horizontal support @2.50. Looking to backtest the trading channel and pennant it fell from at about 3.00. I believe the May contract expired today, which might of had something to do with the price change, although I believe the June contract is higher. I am not sure what effect contract changes have though, perhaps someone knows? I can read charts, but don't know what the oil traders are doing. It just seemed to be a good buy, and had chart support. Also, I noted that the dollar was quite overbought, and this affects asset valuation. When the dollar falls, we will get a pop in oil. I feel like a currency trader, when I am trading oil. The same goes for the metals and metals industry and solar, which follows oil.

http://www.nymex.com/CL_term.aspx

[Uptrend]

Closed DXO position today @2.59 (3.18) Report came out on inventories busting out everywhere -so too soon to play. Will wait for the cartel to tighen up supplies - if that is possible.

Almost bought FAZ, but have not pulled the trigger yet. FAZ came down and gap filled and made a double bottom. Believe the market will roll over soon. Also looking at QID

[Uptrend]

Forgot to post, but I bought FAZ Thrusday April 23 @7.95 Looking for a rise to the gap near 18. XLF and BKX look to be rolling over today.

[etftalk]

Are you sure you didn't buy on Friday? The low on Thursday for FAZ was 8.77. Friday was the only day that it dipped below $8. Thanks

[Uptrend]

Oops, I just looked at my trading account, bought on Friday. Was going to buy just after the open when FAZ went to 9.17, but I saw a mini H&S forming, went over and looked at the futures that were pointing higher, so was glad I waited, as a breakdown quickly occurred.

[Uptrend]

Still holding FAZ (in at 7.95) and watching it roll. Looking for an upside target to $13. Will see what develops in the next 5-6 trading days. Thought about selling Tuesday morning when over $9, but held. Hindsight says I should have sold and bought back in lower today. If one had a lot of funds and time to daytrade, one could buy/sell FAS/FAZ every day and make money. Just watch support and resistance lines on the hourly and 15 minute charts. Sometimes 10-20% gain each day.

[Uptrend]

Sold FAZ just after the open @8.25 3.77 (and glad I did). This trade went nowhere. This market sems to be in denial.

[Gumby]

This market sems to be in denial.

There seems to be much hope in this market. Doesn't make sense to me at all.

[Uptrend]

Another try! Bought FAZ at about 25 minutes after the open @5.87. I used an early drop on the 1 minute charts as a double bottom for an entry point, but it bought me, went on down to 5.69 and turned around. Hard to catch this one! At these low prices, one can really accumulate the shares, and if the financials take a good haricut, the up meter will really spin.

The technical reason I bought was because I think the spx 912 pivot should hold up as resistance, and we should get a reversal tommorow or Friday. EWT suggests a reversal for proper wave count. Also the ADP employment numbers were lower than expected, but often wrong. Thinking this was the last Hurr-ahh

[Uptrend]

Still holding FAZ for now. It went on a raqmpage to the downside, but climbing back. I did not load more. Watching the XLF for clues. We did have a breakout to the upside, right after I bought last week, but that might fizzle. Waiting to see what happens in the short-term.

Today we had several banks raising $ to pay back the TARP. The risk of share dilution should push the financials down.