Here’s Why I’m Short Oil
Oil once again dominates the commodity world. Merrill Lynch raised its
price forecasts and Ecuador suspended it’s exports due to protests. I gave
back some of the profits with the shorts entered at 64.97 but am remaining short
during these over hyped bullish thrusts.  Short/profitable
DJIA
The system remained active on Thursday with several exits and entries at the
lower channel level of 10563. I am holding the shorts despite the run up
at the open. I am expecting a quiet market with a slight downward
bias.  Short/loss
The Dollar
Our shorts remain profitable in the EUR/USD as the dollar maintains its
strength over the euro. I find it interesting that the speculative
sentiment index overall is long in the pair. This is a bearish indication
and I am holding shorts here from 1.2203 with stops at break even.
Short/profitable
US Equities
I have shook things up a bit in the watch list and portfolio.Â
Here’s my latest strategy on the equity front.
GOOG— Everything here remains the same. I will short heavily
once 269.97 is violated on the downside. Flat/short bias
EBAY– This one is continuing its downward trajectory, despite what
appears to be a slight spike in the pre-market. Holding short here.
Short/profitable
PLMD-Â The premarket up move in this stock relieved me of the
profits gained yesterday. However, I am holding the shorts for now entering
Friday. Short/loss
BHP– I have added Billiton LTD to my watch list. 30.67 is the
level where longs will be entered. stay tuned….
STEM— My software was screaming pre-market with this one. This
somewhat controversial company looks interesting here as a potential long.Â
5.53 is my go long level. Let’s see what happens.
ELOS— This medical company is indicating short here. Cramer has it on
his long list, which solidifies my bearish bias–just joking! 36.86 is my go
short level.
Best wishes in the market!
Dave G