The market caught some bids today and the technicals were pretty good and I get the feeling the market does want to work higher. The shippers were on fire and I have successfully missed the entire move in that group. I am short some USO, but earlier in the morning I actually thought for a moment it was going to reverse its downward bias and actually reverse higher. I took it home, and hope the profit taking can last another few days at least.
If you read my morning chart, I posted SY. What a boring stock. I bought it around 11 am. at about $29.75 and I don’t think it traded out of a 20-25 cent range for the remainder of the day. I was looking for a breakout at $30 and it decided to pop at about 3:40 pm, check your charts. It ran a whopping 17 cents but gave me a start because I really thought it was going to explode. Just not enough time as the bar was closing. I didn’t hold it over night as it acted a little too funky, buy it could be a play tomorrow so keep it on your radar.
So I traded a little EDS and got lucky for a half buck, but carry a hundred shares into the open as they stopped trading it.I caught some of the move and was scaling out little by little but got stuck with a hundred when they halted it. My guess is it will open down as their talks with HPQ are just beginning and it will probably gap down a bit.
I have a real tight leash on the USO short as this could reverse and charge higher at any time.