Thursday, June 26, 2008

FOMC day is non-event


Well, bond futures are left unchanged. It was all noise as I expected. I have a bullish bias on the short end of the bond futures for the next month or so.



I'm wondering what momentum trade will be the first to pay the piper.
Ag's
Solars
Miners
Oil
Did I forget any?
Airlines haven't really moved the last few weeks, just like Oil has stayed in its range between $132-138.

Interesting how India's index is already at new lows. Today was one of PIN's highest volume days.
What emerging markets are kicking butt?
Russia
Brazil

I closed out my JRCC short and made about $700. I held it long enough, Gesh!
BullRinger is still bullish on JRCC. I think I would rather day trade it personally, then try to hold it long term. Maybe sell some calendar calls on it, as there is a good premium.


Still holding AMR long. My long position on LEAP was originally a short position that I reversed. As soon as I reversed, the next day it went down and hasn't looked back. I will probably cut this loser soon. I learned a lesson from the LEAP trade. Don't reverse positions on a bad trade just because you got stopped out. Close the trade and MOVE ON.

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