3 Responses

1. VT Castle

   July 16th, 2008 at 1:10 pm

   1

   Ironic I was thinking the same thing… except it’s the flames from those who crashed and burned who were long energy today!

   It’s a good time to buy up beaten down names for a quick trade/daytrade!

2. Sensei

   July 16th, 2008 at 1:14 pm

   2

   Anyone who was long energy and short the financials and is a short term trader going into today was a jackass. I mean if you owned the SKF and didn’t cover all or most on that ridiculous gap up yesterday seriously….UYG now up 13.7% today.

   Market is stair stepping up carving out support the whole way up. Very methodical and dangerous if you (not you VT, but anyone else) are still short.

3. VT Castle

   July 16th, 2008 at 3:13 pm

   3

   Agreed - the ultrashorts are a little powderkeg-ish to me, but the UYG is a killer trade if you scored it.

   I nibbled on some GS tomorrow thanks to the technical heads up, but I’m just thankful I’ve got some daytrading skills leftover from early 2000 to deal w/ a schizo market.

   Love the blog - just added you to the RSS so expect a few questions from my direction.

   VT