It looks like we will be getting a good inventory report, as API has a smaller than expected crude oil build. I put on a starter position short in crude oil yesterday and will look to add on any pops from the inventory report.
On the S&P, the market is boring me. Are we returning to the Big Bore type of trading? I don't think so, but it is entering my mind, since it is trading in a tight 20 point range for the last two weeks. We are going nowhere in that market, and I am not interested in getting involved. It looks like we are forming a top, but it will probably take at least another week or two before they pull the rug under the bulls.
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Sold Baba 80 July calls at $8.00
Long CHK 15 May calls at $1.53
Ol Dawg
Oil is going up dawg not down. Gas prices are up. The fun is over big corporate is not gonna let the consumer keep getting the world cheap fuel. Even Andre Hall is bullish. If it was going down it would have happened already. Not much left to squeeze for the bears.
It takes two sides to make a market. We'll see over the coming days. I like my chances on the short side, still making lower highs and lower lows after topping out in February.
Shit left so much money on the table on tbt and baba trades.
Next trade setup is to go long Treasuries. Stocks are due for a correction this month.
We're going to tighten in a few months the long term trend is for rates to go up. I do think the market will correct but the anti correlation of bonds and stocks will have to end. That could be a dangerous trade
There was a great quote by Dan Loeb, th hedge fund manager, who said that anticipating a Fed rate hike is like waiting for Godot.
I have to agree with him, how much can they delay this rate hike before it is too late to hike? The economy is already peaked out and on the down cycle. They sure won't hike when the economy is worsening.
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