5 replies to this topic

[hiker]

plan to remain short today in the current swing trade as long as 56.60 or so is not taken out to the upside....yesterday's high is 56.41, and note the prior day's 56.25 close that was 2 cents above the day's low.

I am seriously considering closing this swing trade by day's end today....and reevaluating next week. Watching 55.60 or so in today's intraday action.

the support zone visible on the weekly extends below this week's low...

continue to remain short XLE and OIH, tho' am watching these closely for an exit....still need to make final decision whether to hold onto these swing shorts over the weekend. XLE has the potential (potential only) of continuing the decline much further.

fyi, nat gas storage nos. to be released soon today.

some post history..tho' have been posting some at the FF board:

http://forums.techni...post?id=1381194

Edited by hiker, 21 September 2006 - 09:12 AM.

[hiker]

should add the closing basis trend of the last two days is keeping me in these shorts note the volume yesterday vs. the recent average....volume confirmed the decline and support on the weekly charts extend lower....whether a relief rally in OIH and XLE has begun and will continue into tomorrow/next week is my only concern or risk I am attempting to manage.

Edited by hiker, 21 September 2006 - 09:39 AM.

[mss]

Thanks for this update. mss

[hiker]

sure thing, mss.... XLE - 51.80 to 52.30 (tuesday's close, and note monday...52.27 Wed high) is an area of interest

Edited by hiker, 21 September 2006 - 10:07 AM.

[hiker]

USO short position...closed it today before the approach of the close of oil futures. Will reevaluate next week. Cut back some on XLE short....

[hiker]

closed remainder of XLE shorts today, and the OIH short...note that the week's earlier lows still stand.

Will evaluate trades again next week.

daytrading other names for now...

btw, will the 50-week ema for NBL hold up this time around as well as it has in the past: