Don’t Believe The Hype! Why I’m Still Short Oil
DJIA
My system is doing exactly what it was designed to do, catch
the BIG waves in the DJIA! As you know, I am holding shorts in the Diamonds (DIA)
into the open today. It appears that the down wave entered last week, will
increase velocity and continue today on the downside, at least in the
morning. Remember, where you exit this trade is discretionary and built
upon your goals for the entry. Short/profitable
OIL
Well, Katrina really threw a monkey wrench into my strategy
entered Friday. After being under water (no pun intended!) for this entire
trade, it turned profitable Friday. Over the weekend, the hype continues,
currently leaning on the end of the world type damages the media and
hypemeisters are projecting for New Orleans. It’s 9am EST now, and I don’t
believe the hype. Short/loss
DOLLAR
I will be following the entry and exit points stated earlier
in the EUR/USD pair. Flat/no bias
Equities
Due to the hype inherent in the markets today, I am looking at
shorting the property insurance companies today. Even if this storm
is not near as bad as is being projected, the property insurance companies will
most likely take a huge hit. I am holding all positions entered last week
into the open.
Best wishes in the market!
Dave G