Published on
May 30, 2008,
1:30 pm in
News.
Tags: oil.
There’s a good article at CNN that explains a lot of what has been going on with oil.
In its weekly inventory report, the Energy Information Administration (EIA) said crude stocks decreased by 8.8 million barrels last week. Analysts were looking for an increase of 750,000 barrels, according to a survey from Platts, an energy research firm.
But the report issued online by the EIA said “the drop was due to temporary delays in crudoe oil tanker off-loadings on the Gulf Coast.”
He said the oil that was missing from the report could very well be floating in tankers on the Gulf of Mexico, where fog often closes ports this time of year.
Read the entire article here
Published on
May 29, 2008,
8:04 pm in
Daily and Trading.
Tags: BCON, BIOS, CNTF, DJ30, IAR, IDMI, MVIS, Nasdaq, SP500.
Oil inventories were bullish all around, but the oil market dove down $4+ for no reason at all. Maybe all the traders believe there is a bubble. The indexes loved that move and went up in tandem…but got real tired by the end of the day with gains cut in half by the end of the day. The S&P held above its 8ema, but the Dow couldn’t quite make it. The Nasdaq was trying to move through its 200ma, but it too could not sustain by the end of the day.
Had some winners in (ULBI), (IAR), (CNTF) and (KOSN). But I had some losers: (IDMI) and (BCON).
Tomorrow I’m looking at: (BIOS), (ENT), (FRPT) and (MVIS). Working on several new scans on TCnet, so I’ll see if more pop up. Happy Trading 
Not big, but still nice. Made a rather lackadaisical day finish with a bang 
Had some nice moves from (CPST) and (NCOC). Lots of nice charts. Spending too much time looking at charts. Need sleep….Zzzzz 
After the ribs and potato salad…and several Bud Lights…I started reviewing the last week of trades (not many), and going thru charts…and more charts.
The indexes dropped well over 3%, the Dow almost 4%. It looks like the market “water” and oil don’t mix. As the price of oil goes up, the equity market goes down. The Dow has broken may of the major moving averages, but is extremely oversold with its daily stochastics, although the weekly stochs still have some downside to go. The S&P500 is still holding its 50 day moving average. The Nasdaq and Russells are still holding up. What will this shortened week bring us?
I, as well as several others, have been thinking the oil market has peaked, but it keeps moving upward. I don’t think it can hold though. I’ll check back after it hits $150/bbl
Now to find some good charts….
P.S. My best CNBC portfolio is the one that does no trading but just answers the trivia questions. Now doesn’t that beat all 
BOISE, Idaho (Reuters) – J.R. Simplot, the billionaire founder of the Boise, Idaho-based agriculture business that bears his name and who helped make French fries a staple of the American diet and waistline, died on Sunday at the age of 99, officials said.
After pioneering the first commercial frozen French fry in the late 1940s, Simplot eventually became a major supplier of Idaho potatoes to McDonald’s, Burger King and Wendy’s. His privately held company, where he was chairman emeritus, reported $3.3 billion in sales in 2006.
…and thus began the demise of the American waistline 
Yep, another one. Today’s tiny move up was on lower volume and I expect tomorrow’s to be even lower….unless everybody sells to get out for the weekend. Indexes were up less than a half percent, except for the Nasdaq which was up two thirds of a point.
Again I was inactive, but did watch the inaction and reviewed the charts. A couple that have caught my eye and added to my watchlist are: (PGNX) (ATML) (OSUR) (FMD) and (AKRX). Check’em out tomorrow and don’t forget to lighten up for the weekend
Well the Dow went down and kissed its 500ma before bouncing up a few points. The S&P500 stopped at its 34ema and the Qs stopped at its 200ma. Are they groping for support or just making a pit stop for its dive down 
Volume sure picked up today after the Feds released their notes and overall volume was above this week’s averages.
And what about that oil? Over $134 after hours. It’s been a pretty ugly 2 days in the market 
With a market like the past two days, I find no compelling reason to actively trade. I tried to short and I tried the long side….I crapped out on both
I’m gonna finish reading Make Money Trading: How to Build a Winning Trading Business by Folger & Leibfarth….Interesting and informative so far.
Or maybe I’ll go hoard some gas
All was going up up and away until (SNDK) made an announcement that oil prices were going to hold back the purchasing of flash disks in the next quarter and / or year. The Q’s came crashing, pulling the Dow and S&P with it. There was a bit of a recovery within the closing minutes, but still it left a bad taste in the market mouth 
I took some profits on part of my position in (CNTF), but whatever I made during the day, I lost after hours when the market did not like the earnings report of a profit as compared to last year’s loss. I just don’t get it. Hopefully when everybody has a chance to sleep on it, they’ll like it in the morning when the market opens 
I didn’t get into any of my other stocks on the watchlist, but did like (AVR) and (PGNX). Now to wait and see if I should be long or short tomorrow….time to look at charts.
The Nasdaq has poked through the 200 day moving average, but the Dow, the S&P 500 and the Russell 2000 are still attacking from underneath. So we should see what happens this week…march through or turn back. Remember we should see volume slip as the week goes along as traders start extending their long Memorial Day weekends.
The week was pretty good for trading…loved the action in (CNTF) on Friday which way more than offset my losses in (DVAX)
My CNBC Millionaire’s Contest account has been growing, but only because I’ve been answering the bonus trivia questions
Gonna keep an eye on (HYTM) (WATG) (XFML) and (PLM) on Monday. See you on the trading field 
Wow, look at oil go Over $127 per barrel. Wonder what it’s going to do to all the other markets? Maybe oil is setting up for an exhaustion run-up.
And my long-term hold (DVAX) is taking a dumper 
Yep, 2 up days in a row…and a bit stronger than yesterday. We are kissing the 200ma in the Dow and S&P, so we’ll have to see if we get turned away. Tomorrow is options expiration Friday, so it may get a little crazy anyway.
(MNKD) was my star today…got in and out a couple times. (IDMI) and (IAR) were nice also.
I’m still watching (VNDA), but also added (NT), (RHD) and (BIOS).
