The short Dow position looks good. Now I have moved stops to guarantee a push at worse.
Crude oil looks dicey. I am going to exit my longs on a sell stop here if we get a move below 106.50.
Better to exit and re group than to get sliced and diced.
I still have some puts on in the crude which looked pretty negative 4 days ago, but in the end, may come back to be a good risk reward.
When gold tests 1450 to 1445, I would look for a buying opportunity.
Right now, these crude prices are subject to the vagaries of the dollar, the vagaries of plate tectonics and the vagaries of rebels and crazy dictators in Libya.
If you’ve been reading this blog, about 2 or 3 weeks ago, I got bullish the dollar, made a small amount on a bounce, but never got the bounce up from 75 to 80-82 which is what I was looking for.
Right now, I like buying some cheap calls here in the dollar index, or at least building a long position here, risking one point to potentially make 4 or 5 to the upside.
On a contrarian note… We have reached the point of media interest/panic/fascination…. with gas prices. When Katie Couric tells me we are going to 5 or 6 dollar a gallon gas, it makes me want to load up the other way…
But that’s just me..
Good Trading
CER
