Most important this morning is the dollar falling on widening credit loss worries.
Oil is up a dollar + this morning which will put wind in the sails of your favorite oil & gas plays. Perhaps there is short trades near term in the airline stocks. The cruise line stocks have also had a big jump on oils recent correction.
My money is on CHK, HK, CVX, XOM, & PVA (long of course.) Mind you oil contracts for August are priced @ $127 & change.
September and October are priced at $123 and chnage.
The most important numbers to look at this week will be initial claims on Wednesday, GDP numbers on Thursday, and unemployment along with ISM on Friday.
Looks as if treasuries are being bought up this morning suggesting more safe heaven players moving money around.
Europe and Asia are mixed no doubt looking for direction from U.S markets.
GLT
by GW
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GW- Hope you’re right, at least short term, I got a lot tied up in HK and wouldn’t mind breaking off a good piece of it. Tired of averaging down. Same sentiment with MRO. Good luck & keep smokin’.
I like MRO too. Did you buy HK on my call or is it something you have had all along?
Initiated the current HK position on 7/17/08, started in @ $40.25, bought more 7/23/08 @ $32.05, then more still @ $30.30. Previously I had shorted HK over the 4th of July weekend and done well. I don’t remember buying on your call, but I’ve got one of those “hydroponic memories” like that.
I just wanna free up some capital, pick up a bit of momo, and make some bank. Like all of us.
Well oil has reversed here. Over the long term I do not feel you go wrong with this unless oil and gas go down for an extended period of time.
I bought a litlle CHK and HK this morning. I will add to it since I believe in a long term uptrend in oil and gas.
Perhaps you can sell covered calls while you wait.
I understand about the momo…if we could all have more cash to work with that would be great.
Peace