Market Musings

1st up.....USO 34-36 area now presents heavy resistance with the volume surge yesterday. IT picture remains bearish....with any luck, the ~2/5 shifted bradley model turns things around

Next....TLT cumulative intraday "breadth" in the resistance area...the fib levels are supportive for a correction (or more). ideally, 1st target is ~114 to test the last breakaway. I'm short via TBT since Monday.

UNG guess i was off by a week....pattern so far is on track, but may have been nothing more than expiration-related "pinning". bailed on the covered call position at 25.10, bought back the underlying only yesterday on the NG retest of 5.50. hoping for another spike up to sell premium against. 11-15 day weather is supposed to be very cold in the NE last I heard.

last but not least, the stock market begins the new year with a sell signal all but official..... "relative performance" themes anything that benefits from lower rates, lower input costs: sound financials, utilities, select transportation plays, safehaven healthcares, select biotechs 09FF IT pic bullish into middle/2nd half of this month, though long in the tooth and options data quite bothersome. bearish afterwards into quad-ex. most impressive rally we've seen yet commences shortly afterwards followed by a sell in May and go away and play. IT bottom 2nd half Sep into Oct.....longest IT duration rally lasting into Spring10. G/L and good trading next year! MN