Trades for the day
My portfolio is still overweight in oil without a foreseeable end in sight to that. All positions are in the black, so I am sitting pretty. (Wait - scratch that - don't want to tempt the revenge of the market gods - let's just say I am pleased with the way my portolio is hedged against rising oil prices). I still need to take some oil off the table, but not enough strength yet in the two I want to partially unload. I heard on the radio an advertisement for a book about the Saudi oil production from an insider's standpoint. I will have to read that book. I wonder how much this is playing into the current run-up in oils? I don't, however, know if this book is well known or not yet. I don't even remember the title, although that should be easy enough to find. Based on the ad, the premise seems to be that Saudi Oil is not as limitless as one would first think, and there are real problems extracting that oil. This book ad has been running all week on the NY City Bloomberg radio station (which is probably listened to by many a trader on Wall Street). Of course that book could be presenting a distorted view of the situation - who knows.
I picked up some more shares of GLW for a quick swing trade thanks to after-hours weakness. Once or twice a week I will put a low ball bid out there for a stock on my watch list in the after hours session if it showed weakness during the regular trading session. On the occasional lucky day I do get execution, and today looks like one of those days (check back with me tomorrow). I am so used to these orders not getting filled, that I didn't even bother checking until 30 minutes ago. What a nice surprise!
Still plenty of cash to set up a potential gap down purchase at close tomorrow if I'd like. I am leaving the house tomorrow at 5am for my day job, but thanks to this I will be back around noon. I will either come back in to trade or stop by Baltusrol to watch the afternoon session of the PGA Championship. Hmm... tough call. Plans to go to the beach this weekend - it would be nice to end this trading week on a high and profitable note!