Developing…
SEC NOTE: Egregious posts like this are not my doing. Vincenzo “the meatball thrower” is making me do it.
NOTE II: I am not covering.
UPDATE: On a side note, God bless oil and the people who make it go higher.
If you enjoy the content at iBankCoin, please follow us on Twitter
I’m up 6.88% on my LEH trade since shorting it earlier this week. thanks fly
Agree on the update. FTK to 21
“The Fly” – I have seen the future and it has higher oil prices in it.
FTK has much more upside than that.
My smartest source is heavily long.
Go nuts…short Airlines stocks (via options); those companies believe or not are more worthless than LEH.
Fly, fuck your sources…
My sources will break off your legs and arms and leave you in a corn field.
Fly
I understand your source is quite the man about town…flashy collars, etc.
WM
My source has nuclear bombs on his collar.
You would think high oil prices would be the death of truckers…nope! Riders up 60% YTD…I shit you not!
Fly, your sources will never be able to do that…as I am a bored billionaire who owns tanks, stealth planes, WMD’s…and shit; You have been warned!
I love this, my puts are already up 40% and I bought them yesterday. Thought about selling some, but screw it, I’m holding on, you know this stock isn’t staging a rally any time soon.
Big Mike, I heard some Trucker somewhere, probably on the radio talking about how they have to pay for gas out of their wages, they’re givin some fixed amount of credit as “bennefits”, but it comes out of the truckers wages, so until there’s a strike, a lot of trucking stocks win.
LEH = Lower Every Hour!!!!
COFUK = short capital one, til sept!
…..and SSN???? 100%???? http://www.BuyOnTheDip.com
Fly, I don’t know much about FTK. Do you know why they crapped out in Oct 07 from $52 to where it is now?
I like your FTK play.
So is BAC….BAC looking to break a ten year low.
Praise Merrideth Whitney for her honesty.
Homies getting torched. Guess that means time to edge back in. KBH @ $22 and XHB @ $20.
Jake, when will the QQQQ’s break this damn $49 support?
Lots of stocks crapped out in Oct 07 CB
Technical Analysis
Speculative Oil Plays Are Getting Frothy
By Helene Meisler
RealMoney.com Contributor
5/21/2008 9:12 AM EDT
URL: http://www.thestreet.com/p/rmoney/technicalanalysis/10417730.html
Last week I wrote not once but twice on the subject of oil. I explained how the worst thing you could say about oil was that it was in need of a correction. That is still the case.
I also explained that the chart of Ultra Oil & Gas ProShares (DIG) was much preferable to the chart of UltraShort Oil & Gas ProShares (DUG) , yet it was the chart of DUG that people asked me about on a regular basis. I even joked to someone that when folks started asking me if it was too late to buy DIG and whether they can short DUG, we’d be at the highs. That still hasn’t changed.
Over the past few days, however, I find my inbox filled with folks hootin’ and hollerin’ over the chart of Mexco (MXC) , an oil company. I don’t know what they do, nor do I care. Then yesterday, a very astute reader asked me the last time we’d seen that sort of action.
Mexco
Click here for larger image.
Source: BigCharts.com
My initial thought was it reminded me of technology in 1999. But on second thought, I considered it was more recent than that.
China Finance Online
Click here for larger image.
Source: BigCharts.com
You see I recalled seeing this sort of action in the Chinese names last fall. So I went back and checked. Sure enough, it took exactly one chart to confirm my suspicions. Check out the chart of China Finance Online (JRJC) .
China Precision Steel
Click here for larger image.
Source: BigCharts.com
China Precision Steel (CPSL) didn’t exactly sit on the sidelines like a wallflower, either.
Shanghai Composite
Click here for larger image.
Source: Yahoo! Finance
Of course, the Shanghai Composite didn’t look parabolic the way these small-cap speculative stocks did. Its chart shows that its rise was actually rather gradual, not quite as explosive as the stocks were.
Pyramid Oil
Click here for larger image.
Source: BigCharts.com
So I looked and found there was more than just MXC in the oil speculation category. There was also Pyramid Oil (PDO) . And Fieldpoint Petroleum (FPP) has quintupled in a few weeks as well. There are more, but you get the picture.
Speculation such as this does not come in the early phase of a rally; it is almost always associated with the latter phases. So I went back to the chart of DIG and calculated an upside target.
To calculate a target, you take the high of the pattern (120) and subtract the low (80). You then take that net differential and add it on to the breakout (in this case, 100) to get your target (140).
Ultra Oil & Gas ProShares (DIG)
Click here for larger image.
Source: BigCharts.com
You can see that DIG is still far away from its target, but we also need to consider targets as areas, not exact levels, and I’d say we’re nearing the target price area. This is not a reason to go short, but it is now worth putting on the front burner and becomes a reason to consider taking profits.
As we near the target zone on DIG and we see speculation in these small-cap names, we know we’ve seen this story before, and we know the story is closer to a correction than to a new burst forward.
We’ll probably like oil all over again after a correction, but up here, it’s heading toward frothy.
If you are ready for oils to correct, I will buy heavily here for a fee – the fukkers will turn on a dime and retreat.
Hey BOTD!
Load the truck with GRH …. it’s cheaper now than when you recommended it. Odd, no?
Fly,
you know any one that went to SID or to the Cowan presentation? Have any updates on MVIS.
thanks.