Holding Steady
August 5th, 2009
It was a pretty uneventful day for me. No trades. UYG continues to rip and I didn’t sell any calls against my longs even though I wanted to. My other holdings faired pretty well today too.
The market needs some consolidation or sideways action at a minimum. The Q’s are at a 61.8% retracement on a daily chart and SPY is also up against some resistance.
QQQQ Daily
Watching: UNG, FTO, SII, HAL, HOS, MDR, PTEN
Usually when my watch list has a common theme like it does now (oil and gas) it is a good sign. However, I can’t find anything I want to commit to so I’m holding steady with a 75% cash position until I see my setups.