I was short all the commodtz until about eleven but didn’t have the brains to get long when they turned higher. There were multiple points to be made on the upside with names like POT and MOS and SLX and KOL, you get the picture. I guess I wasn’t trading what I saw and was trading more what I thought should happen. Trader 101 mortal sin. I guess it happens, but I’m pissed for not reacting the way I should have.
I knew a short covering rally was coming in the commodity sector but I didn’t think they would goose them on a day with such bad data. Goes to show you how the market is a a beautiful yet inefficient beast and will try to catch you napping at every turn.
I still think way more pain is ahead, the technicals are horrible and I believe we will see much more bad news from banks and hedge funds. Let me know if you had any breathtaking winners today. Keep an eye on the GIS chart I posted the other day with a $68 breakout, I was long some today, it tagged the number late in the day but backed off as it needed a little more volume. The chart looks awesome and it is the kind of stock that can bust to the upside in this kind of market. Check you later.
P.S. Take a look at the chart I posted a couple of weeks ago about the possible breakdown in the utility index. It snapped like a twig the last couple of days and is going much lower in my opinion I should have been more proactive on that call with some individuals stock shorts. Still money to be made there though. Check out MIR for starters.