The Bulls are Back

Before I wrap things up today, I wanted to give you a brief snap shot of the DOW. Are the Bulls Back?

I like my chances going long oil over the weekend.

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On a side note: Danny and DPeezy talked me out of my bet on Sirius Satellite Radio Inc. [[SIRI]] , thanks guys I feel better already. My gambling side started to take over and needed to be reminded that anything can happen, including dirty stops. The reason behind the trade was I got ping’d from a reliable source that SIRI was in play, and I also read this. Still, no reason for a big bet, so I kicked out 5K shares for a penny higher, holding the rest.

I’m also holding Research In Motion Limited (USA) [[RIMM]] & Valero Energy Corporation [[VLO]] over the weekend, while taking profits in Buffalo Wild Wings [[BWLD]] @ 36.75.

All in all, today was a good day, a big thanks to RIMM.

I bought 7,500 shares of Sirius Satellite Radio Inc. [[SIRI]] .

I know the company is lame, but the stock is sitting right at the lows. A break below the lows will be my stop / exit. Rumors are also circulating that the company may get a bid from Yahoo! Inc. [[YHOO]] . So i decided to throw 10K on it.

Normally rumors are not enough to get me to enter a trade, however SIRI presents an easy exit strategy.

Let’s see what happens.

Proceed with caution! We are near some major resistance. It might be best to see if we can break that level before buying, but then again if you’re looking at Research In Motion Limited (USA) [[RIMM]], just pull the trigger.

[[SKF]] might not be a bad buy here. Easy exit strategy– if the market breaks 11,700, take your loss.

Fly said it a few times, but I will say it again. This market follows the price of oil, period.

At the moment the DOW is up nearly 200 points, just yesterday it looked like we were headed back to the lows. Alpha said it best this morning when he said, “Mr. Market is busy at work this morning, confounding, confusing and embarrassing even the most skilled traders and investors.”

If you are trying to time this market, like I was a few weeks ago, you’re head will be chopped off.

If you’re a trader it’s best to close out your positions by the end of the day– there’s no telling what tomorrow brings. If you plan on holding positions, it’s important to stay hedged– to remain sane.

Follow the price of oil [[USO]] , it will lead the way.

Note: There goes Research In Motion Limited (USA) [[RIMM]]