Covering some

Covered my short position from 872 at 850 for 22 points. I am still holding another short from earlier from 844. The market looks very weak. Denleo

Good trade. Yesterday I mentioned that we could reach an interim high around 870 ES, followed by a pull back to the breakout area. I make that to be 845-855 zone, which is where we are now. This should function as support IF the market is to achieve some of the higher targets possible out of that formation. As you say, it looks weak. It's always possible it was a false breakout. IT

good trade.

Nice denleo. U.F.O.

Thanks Guys. I am not expecting a straight down action here. More like a range type of trading, but with a bearish bias. I am still thinking that 800 on S&P will be broken within a week or two. Denleo

Thanks Guys.

I am not expecting a straight down action here. More like a range type of trading, but with a bearish bias. I am still thinking that 800 on S&P will be broken within a week or two.

Denleo

XOM is now 5% of SPX ... I mean out of 500 stocks in SPX .. XOM is responsible for 5% of total weigth.

XOM and CVX are going down into a nosedive sometime within a week or 2. Maybe even tomorrow after XOM earnings. They will be a massive drag on SPX.

Maybe even tomorrow after XOM earnings. They will be a massive drag on SPX.

OGM, have you seen my question yesterday to you? COP Conoco Philips results disapointed yesterday, but it rallied. Isn't this uncomfortable for oil stock shorts?

Maybe even tomorrow after XOM earnings. They will be a massive drag on SPX.

OGM, have you seen my question yesterday to you? COP Conoco Philips results disapointed yesterday, but it rallied. Isn't this uncomfortable for oil stock shorts?

Maybe even tomorrow after XOM earnings. They will be a massive drag on SPX.

OGM, have you seen my question yesterday to you? COP Conoco Philips results disapointed yesterday, but it rallied. Isn't this uncomfortable for oil stock shorts?

Sorry, probably missed it.

It rallied, now its selling. Oil is a delusion. COP is a Buffet stock, so I'm guessing someone keeps humping it when it sells, hoping that Buffet is on their side and won't let it die.

XOM is just a bloated pig with falling reserves and depreciating assets.

Oil isn't going back up. BP threatening to close 4 refineries, Valero threatening to close refinreis. Oversupply is huge. Wait till Iraq starts pumping 2 bil barrels a day. Saudis will have to invade them just to stop it ..lol


US Dollar will also keep rallying.

Maybe even tomorrow after XOM earnings. They will be a massive drag on SPX.

OGM, have you seen my question yesterday to you? COP Conoco Philips results disapointed yesterday, but it rallied. Isn't this uncomfortable for oil stock shorts?

Sorry, probably missed it.

It rallied, now its selling. Oil is a delusion. COP is a Buffet stock, so I'm guessing someone keeps humping it when it sells, hoping that Buffet is on their side and won't let it die.

XOM is just a bloated pig with falling reserves and depreciating assets.

Oil isn't going back up. BP threatening to close 4 refineries, Valero threatening to close refinreis. Oversupply is huge. Wait till Iraq starts pumping 2 bil barrels a day. Saudis will have to invade them just to stop it ..lol


US Dollar will also keep rallying.

But they keep storing it in oil tankers waiting for prices to go up!

Reminds me of Amaranth trader who tried to corner the natural gas market. All data pointed to storage capacity filling to the brim and he kept buying. Same with oil companies.. they got to hire oil tankers to store their crap "hoping" for prices to go up.

Let me tell you why they are not storing it in the ground. They hired buttloads of folks and they are paying these guys to WORK. So unless I start seeing layoffs in the oil companies, they will continue to pump this crap and store it somewhere.

When they run out of storage and finally capitulate, they will be giving away oil in cereal boxes. Then it may bottom.