Short BAC

I sold short BAC @ 13.50

This is exactly what you want to look for when shorting. A break in the trendline @13.50, then a retest up to that same trendline.

The trade will remain on a tight leash. I’m out with a continued move above $13.50

Merry Christmas!

BAC: Sponsored by Buyonthedip.com

C:

JPM:

MS:

WFC:

Veritas edged out The Cajun in the final minutes of the league championship with Donald Driver scorning the needed points for the win.

I covered my short in PTR @ 83.90.

One to watch:

Disclaimer: I am short PTR at time of post.

Today feels great! Just last Friday I got rid of my longs in order to start ’09 with a clean slate– Fly’s orders. I can’t tell you how happy I am to see stocks trade lower today. It also helps that I’m long FAZ (I’m short the banks 3X’s) and short PTR.

It’s amazing to see oil trade like there is no need for it anymore. Just so you know, in case you did not, deep water drilling is a very expensive task.

I would not be surprised to see DO & RIG continue to knife to unthinkable levels. You see, it makes no sense to drill wells when you can order it overseas on the cheap– by doing this you also eliminate the risk of drilling an empty well. Project cancellations will be similar to hedge fund redemptions, everyone wants out.

Note: There is one oil stock I’m considering buying here, UPL.