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.
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?

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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