iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,470 Blog Posts

Going Long for a Trade

Immediately after the ISM numbers, I sold out of ERY and bought TNA. Additionally, I covered my shorts in TROW, LM and NTRS. I am holding onto my EXH short.

Also, I bought 75,000 shares of WNR. I am not sure if the stock has bottomed yet. However, it is certainly more attractive now than where I sold it a few weeks ago. I am not sure if I am going to put a line in the sand on these shares or build a position from here. I definitely believe the refiners are in far better shape than valuations dictate. After all, crack spreads and WTI-Brent spreads are still at record highs. I sold the majority of my shares because I feared the market was going to drop and the refiners were underperforming. The only thing that has changed is the price.

It is attractive here, especially if we are going to get an oversold bounce.

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32 comments

  1. chivo

    for a trade!!

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  2. DJMarcus

    awesome pic on the front page.

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  3. The Plumbers Crack
    The Plumbers Crack

    I see, “Shadows near the urnial.”

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  4. Bigmike

    Anybody has RealMoney Silver?

    Looks like Kass is bullish? I guess that’s a good thing?

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  5. HFT Robot

    God damn Indians, my punch card stacks are being held by customs at JFK. It seems the boxes were also packed with gold nuggets, jewelry and cousin Rakesh, as they tried to smuggle them into the US. Rakesh was to live with Uncle Balbir in Edison, NJ.

    Maybe it’s good that it happened given the morning rally.

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    • JakeGint

      I think I have stayed at Uncle Balbir’s motel.

      Funny shit, wish I could give it a thumbs up.

      ________

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      • HFT Robot

        On Route 1?

        His tandoori and curry are amazing. You could smell it through the whole place.

        Although late at night I have to sneak out for burger at the White Rose System.

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  6. TraderCaddy

    Take a look at a chip maker like KLAC or LRCX.
    No idea on findies or technicals (and don’t care).
    Just watching price for the last 10 days or so.
    Disclaimer: NOT giving Fly investment advice.

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  7. The Fly

    Still 70% cash

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  8. Yabollox

    People are buying cars. They are gonna need gas. The auto sector could lead us out of recession. Kind of a throwback to the 1950’s style of recovery.

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  9. The Fly

    I am not interested in buying anything but refiners.

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  10. drummerboy

    fly, you still holden tlt?

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  11. Schizo1688

    Long and Wrong !!!

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  12. Oil for Brains

    HERO is crazy cheap at these levels!

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  13. TT

    what were you wrong for, an hour? fck these peeps, nobody judges money management on an hourly basis

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  14. Bigmike

    Bouncing off nicely…around 1120ish SPX.

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  15. Dr Fly

    SHOMP- motherfuckers

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  16. Bubbles

    What you need is vectorvest!! It’ll help you make those difficult market decisions.

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  17. Random

    I bought TNA at the close on Friday ($33.00). After the ISM #’s, there did not appear to be much improvement, so I sold it assuming that would be the best news we would receive today.

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  18. gsavli

    NFLX top performer today. Respect for Najarian.

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