There was no post last night as Upside Jr. got nailed in the eye with a fast ball last night and I spent three hours in the emergency room. He is totally fine. I had a bit of sellers remorse yesterday after I covered my shorts in the oils and gold. It twas a knee jerk reaction on my part, but I have to go with what the tape gives me. I think now that all the drama from yesterday has subsided, I can back to thinking strait. I still do like this group short, especially gold and oil and it would not be out of character for me to initiate short positions again today. I truly think Bernanke is in lala land with his very nonchalant view of inflation. I know the Fed doesn’t include oil or food prices into their inflation number but if you drive a car or eat a slice of pizza you are being max squeezed.
Exxon reported earnings that were short and the stock is down 2.50 % in pre market. Could this be a catalyst to resume the move down in oil? I hope so. DUG could be interesting today as XOM is a decent componant of thet etf. DUG would have acted better yesterday if not for the strong performance in XOM which clearly bucked the trend.
The more I think about it I think I will be getting short some GLD and USO. They are acting very weak in pre market. I’ll be on Twitter if I see anything hot. Good luck today