Buying USO Friday before the close and selling the following Monday has worked well for me.
I will initiate this trade again.
Here’s a look at [[USO]] , look at the beautiful bounce @ the 38.2% fib (Jake would be proud):
Have a good weekend guys!
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Any thoughts on UNG?
Agree. I played it however with COP instead.
I want to bring FSLR to your attention as:
1.some 10% holders keep SELLING.
2.volume has died compared to when oil was rallying. i guess we don’t need solar with oil at 110? is that market’s motto now?
3.the wedge is converging slowly (building steam for a directional move soon)
4.Most “retail” investor influenced of the solar stocks.
5.Fundamentally solar co. are strong with huge growth while squeezing their profit margins with big contracts, however, the markets don’t give a damn about fundamentals expect during week before earning release.(ie SOL today)
6.i want to call it a mutated H& 3R and 3L S patterns (my point: resistance)
However, i would wait and see if a simple pattern appears soon on FSLR. It still hasn’t broke it support and needs oil to drop (below 200dma)further for all solar stocks to move down as a sector.
My one month price target for FSLR is 200, if we see no real change in S/D for oil and consolidating, not plunging USD. I would wait until the X factor of oil, Georgia/Russian conflict becomes dim in the media, probably two weeks from now for a safer entry point. A peak of 270 is right in the horizon next week as oil rebounds temporarily on supply data.
Options:
1. short FSLR if the above holds true in the coming week(s)
2. straddle FSLR after a week or two.
Niiiiice. Inverse golden ratio.
“Velly stlong.”
____
Thanks to Danny, sniper6 et al. I will now be know as ShortBusTrader.
My alter-egos StockTraderDaddy and Gregory will be relegated to the long bus, which has broken down and not within miles of a repair shop.
My BTFO observations from the “Short bus” are in the direction of TMO, of which i was into at $58. A little late to mention here, but still could go higher.
You were Gregory too? wow. I guess I’m old-fashioned, using only one id here.